There has never been a better time to bag a property bargain, according to experts, as research shows nearly two in five homes for sale have seen original asking prices cut.
A total of 37.89 per cent properties listed on property website Zoopla saw prices reduced last month.
The average reduction of the original asking price stands at £26,131, the equivalent of 8.52 per cent, with Bradford, Mitcham and Newcastle-upon-Tyne topping the rankings.
Map shows the top 10 areas in the country that have the largest asking price reductions
Ranked top: The average price reduction in Bradford, in West Yorkshire, is 7.77%, which equates to £10,738
Bradford in West Yorkshire is home to the largest average discount of 7.77 per cent, which equates to £10,738.
It is followed by Mitcham, in Surrey, at 7.45 per cent, which equates to £47,165 and Newcastle upon Tyne in the north east of England at 7.18 per cent, equating to £13,721.
It has prompted experts to claim that the time is right to get a bargain on your property purchase.
The average price reduction in Mitcham, Surrey, is 7.45%, the equivalent of £47,165
The average price reduction in Newcastle-upon-Tyne is 7.18%, the equivalent of £13,721
The average price reduction in Doncaster, Yorkshire, is 7%, the equivalent of £13,915
Henry Pryor, buying agent, said: ‘In 34 years in the business of buying and selling property I haven’t seen a better time to bag yourself a bargain.
‘No market likes uncertainty and the housing market is no exception.
‘If you prepare yourself properly, ensure you have your finances together, have a lawyer standing by and are prepared to negotiate then it’s possible to negotiate 10-20 per cent off the asking price.
‘Estate agents themselves admit that 85 per cent of homes are selling for less than the asking price – my own view is that if the agent isn’t weeping when you make an offer then you’re offering too much.’
The average price reduction in Bolton in Greater Manchester is 6.97%, the equivalent of £15,874
|Rank||Town||Reduced properties on the market||Average price reduction||Average price reduction|
The average price reduction in London is 6.89%, the equivalent of £64,661
The 37.89 per cent of properties for sale that have been reduced in price, is an increase of 5.45 per cent from six months ago in April when the figures were last analysed.
This increase has been driven by uncertainty about Brexit, according to estate agents – but is also likely to be because of overpricing.
North London estate agent Jeremy Leaf, said: ‘Our customers are still telling us that Brexit uncertainty is a factor in what has become a needs-driven market.’
The research by Zoopla also identified the areas that have proved to be the most resistant.
This includes properties for sale in Bedford in Bedfordshire, York in North Yorkshire and Peterborough in Cambridgeshire, with the lowest asking price reductions of 5.62 per cent at £20,643, 5.66 per cent at £17,835, and 5.73 per cent at £16,047 respectively.
The average price reduction in Chesterfield, Derbyshire, is 6.81%, the equivalent of £16,567
The average price reduction in Blackburn, Lancashire, is 6.78% or £8,893
|Rank||Borough||Average price reduction (%)||Average price reduction (£)||Reduced properties on the market (%)|
|1||Kensington and Chelsea||8.16%||£127,394||39.74|
|3||Hammersmith and Fulham||7.52%||£79,020||37.37|
|8||Richmond upon Thames||6.95%||£57,171||43.39|
The areas with the highest proportion of discounted homes leads with Brighton, East Sussex, where 46.6 per cent of properties have been reduced in price.
Locations in Surrey occupy second and third place, with 46 per cent of properties in Woking having been reduced and 45.92 per cent of homes in Mitcham seeing values slashed.
Zoopla analysed the top 50 locations with the highest number of properties for sale and 33 London boroughs to reveal the proportion of listings in each area that have had their asking prices reduced since being listed on the website.
In London, the average reduction in percentage terms is lower than the average for the country as a whole at 6.89 per cent.
However, prices tend to be higher in the capital and so this percentage equates to a much higher average monetary value of £64,661.
Kensington and Chelsea is home to London’s largest discounts with an average reduction of 8.16 per cent, an eye-watering £127,394.
By contrast, the south London borough of Bexley has the smallest at 5.08 per cent, or £20,384.
The average price reduction in Liverpool, in Merseyside, is 6.77% or £13,078
|Rank||Borough||Reduced properties on the market||Average price reduction||Average price reduction|
|6||Richmond upon Thames||43.39%||6.95%||£57,171|
|8||Kingston upon Thames||42.67%||6.28%||£47,175|
The average price reduction in Blackpool, Lancashire, is 6.7%, or £10,113
In terms of the proportion of homes in London that have seen prices slashed, this has reached 39.46 per cent, up from 34.61 per cent in April earlier this year.
The highest proportion of reduced priced properties can be found in Merton at 45.24 per cent while the City of London has the smallest proportion at 26.15 per cent.
Zoopla’s Lawrence Hall said: ‘Currently, well over a third of properties on the market have been reduced in asking price, with the average discounts higher than six months ago.
‘This should be welcome news for prospective first-time buyers looking to get a foot on the property ladder.
‘Those seeking bargains could consider areas such as Bradford, Mitcham or Newcastle for their property hunt.
‘With further market uncertainty ahead, it will be interesting to see whether these reduction figures rise in the coming months.’