THREE Yorkshire districts were unveiled today as the places house buyers are most likely to secure a discount on the asking price.
The proportion of sellers who have reduced their price is at its lowest level in four years in further signs of rising confidence, the property website Zoopla reported.
Just over one quarter (27%) of UK properties have had their asking price chopped by sellers to attract a sale, falling from nearly one third (31%) three months ago.
The average size of a seller’s discount is also edging downwards, from 6.45% being knocked off the original property price last November, to 6.25% off or £20,782 in cash terms now.
London, which continues to attract strong interest from overseas buyers, has the lowest proportion of discounted properties on the market across the UK.
Only one in six (15%) of homes for sale in the English capital have reductions on their original prices. Edinburgh has the second lowest proportion of discounted properties at just one in five (20%), followed by Coventry at just under one quarter (24%).
Buyers looking for a discount may want to consider heading for Yorkshire. Wakefield has the highest proportion of price-reduced properties in the country at 42%, followed by Barnsley at 38% and Rotherham at 37%.
The biggest discounts can be found in Newcastle-upon-Tyne at 8.9% or £19,425 on average and a higher than average proportion of homes on the market there are reduced, at 30%.
And despite London only having a low share of discounted properties, sellers in the city are offering the second biggest percentage discounts, at 8.3% - or nearly £89,000 in cash terms.
Sellers living in Bolton are also offering 8.3% off their property prices on average, although in cash terms this amounts to just under £15,000.
Homes being marketed in Warrington, Peterborough and Plymouth all have the smallest average asking price reductions at 6.0%.
Zoopla took the findings from properties listed on its website, which covers the vast majority of the market. When its research started four years ago, 32% of properties on the market had had their price reduced at least once.
The share of reduced properties peaked in 2011, when two-fifths (40%) of homes on the market had had some money knocked off the asking price.
Lawrence Hall, spokesman for Zoopla.co.uk, said that schemes such as the Government’s Help to Buy initiative have helped to unleash a new flood of potential buyers into the market which are helping sellers to feel confident about standing firm on their prices.
He said: “While this is good news for sellers, buyers need to see more stock come onto the market over the coming months, otherwise the recent trend of rising prices is likely to continue as spring takes hold and more buyers decide to search for a property and create further competition.”
Here are the areas with the highest proportions of asking price reductions according to Zoopla, with the percentage of homes on the market that have been reduced, and the average reduction in percentage and cash terms:
1. Wakefield, 41.5%, 7.1%, £14,747
2. Barnsley, 38.1%, 7.8%, £10,981
3. Rotherham, 37.2%, 7.3%, £10,814
4. Wigan, 36.9%, 7.7%, £12,328
5. Preston, 36.9%, 7.1%, £15,102
Here are the areas with the biggest asking price reductions, with the average size of the reduction in percentage and cash terms and the percentage of homes on the market that have been reduced:
1. Newcastle-upon-Tyne, 8.9%, £19,425, 30.4%
2. London, 8.3%, £88,987, 14.8%
3. Bolton, 8.3%, £14,771, 31.3%
4. Blackpool, 8.2%, £12,023, 35.7%
5. Doncaster, 7.9%, £13,992, 31.9%
Here are the areas with the lowest proportions of asking price reductions, with the percentage of homes on the market that have been reduced, and the average reduction in percentage and cash terms:
1. London, 14.8%, 8.3%, £88,987
2. Edinburgh, 19.7%, 6.7%, £19,264
3. Coventry, 23.5%, 7.6%, £17,785
4. York, 23.7%, 7.3%, £22,747
5. Bournemouth, 23.8%, 6.4%, £24,865
Here are the areas with the smallest asking price reductions, with the average size of the reduction in percentage and cash terms and the percentage of homes on the market that have been reduced:
1. Warrington, 6.0%, £13,402, 28.3%
2. Peterborough, 6.0%, £13,030, 27.3%
3. Plymouth, 6.0%, £12,710, 30.2%
4. Southampton, 6.2%, £17,229, 24.4%
5. Lincoln, 6.2%, £12,698, 24.6%