House asking price reductions higher in St Helens

More houses in St Helens are sold at a reduced price than most other areas in the country
More houses in St Helens are sold at a reduced price than most other areas in the country
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Almost half of all homes put on the market sell for less than their original asking price, one of the highest percentages in the country, new research has revealed.

Research by the property website Zoopla found 42.52 per cent of homes were reduced by an average of 7.24 per cent, which is £8,643 in cash.

The study found St Helens had the seventh highest percentage of reductions in the UK.

Overall, a third of homes on the market have had their original asking price slashed.

Some 33.4 per cent of properties for sale have been marked down in price, with the average discount across Britain standing at £23,860, Zoopla found.

In London, 33.3 per cent of properties for sale have had their asking price reduced, with an average discount of £58,498 or 7.6 per cent.

The biggest price decreases can be found in the London boroughs of Kensington and Chelsea, at 7.9 per cent or £149,153 and Westminster at 7.4 per cent or £133,303.

The borough of Richmond upon Thames has the greatest proportion of reduced price listings in London, at 39.7 per cent.

Looking away from London and across the country, house sellers in Blackburn in Lancashire are offering the biggest discounts typically - with those who have marked down their prices reducing them by 7.7 per cent on average.

The next biggest discounts can be found in South Shields, at 7.6 per cent. South Shields is also among the places with the highest proportion of homes on the market that have had their prices reduced. Around two-fifths (41 per cent) of homes on the market there have had their prices lowered.

Stockton-on-Tees has the highest proportion of homes on the market that have been reduced, with nearly half (47 per cent) having had their prices cut.

But buyers may struggle to find a bargain in Northampton, Aylesbury Buckinghamshire and New Milton in Hampshire, where sellers are offering the smallest discounts, at 4.5 per cent, 4.6 per cent and 4.6 per cent respectively.

The most resilient London borough with the lowest proportion of reduced price properties is Newham, with less than a quarter (23.4 per cent) of listings for sale at a discounted rate, Zoopla said.

Lawrence Hall, a spokesman for Zoopla, said: “There has been a lot of speculation over how the property market would perform in the face of the political and economic events that have made 2016 a milestone year.

“However, the proportion of reduced properties, and their average discount, have remained relatively consistent over the past 12 months. This is a reassuring sign that the market remains seemingly resilient, whilst also offering those looking to get onto the property ladder in 2017 a chance to find a bit of a bargain.”

Here are the top 10 areas with the highest proportion of asking price reductions, according to Zoopla, with the percentage of homes on the market that have been reduced followed by the average price reduction in percentage and cash terms:

1. Stockton-on-Tees, 47.19%, 7.08%, £11,092

2. Penrith, 46.01%, 6.44%, £16,357

3. Middlesbrough, 44.96%, 6.68%, £9,937

4. Wrexham, 44.16%, 6.22%, £13,025

5. Bognor Regis, 43.51%, 5.28%, £14,453

6. Darlington, 42.76%, 7.58%, £12,092

7. St Helens, 42.52%, 7.24%, £8,643

8. Huddersfield, 42.25%, 6.25%, £12,451

9. Bishop Auckland, 41.93%, 7.32%, £13,148

10. South Shields, 41.38%, 7.67%, £9,201

And here are the top 10 areas with the largest asking price reductions, according to Zoopla, with the average price reduction in cash terms followed by the percentage of reduced properties on the market and the average price reduction in percentage terms:

1. Blackburn, £10,347, 38.10%, 7.72%

2. South Shields, £9,201, 41.38%, 7.67%

3. Darlington, £12,092, 42.76%, 7.58%

4. Halifax, £13,187, 39.94%, 7.52%

=5. Pontefract, £14,435, 39.00%, 7.43%

=5. Haverfordwest, £20,393, 38.76%, 7.43%

=7. Hartlepool, £13,322, 37.18%, 7.42%

=7. Sunderland £10,379 27.36% 7.42%

9. Isle of Man £33,225 27.80% 7.40%

10. Walsall £14,285 40.62% 7.39%