The places you're most likely to get a property bargain: The towns and cities where the most home-sellers have slashed their asking price
- More than 30% of homes on the market for sale in Britain's 100 major towns and cities have seen their prices reduced
- The place with the largest percentage of homes reduced in price is Stockton on Tess in County Durham
- Only one city - Oxford - in the south of England features in the list of 20 places with the biggest price reductions
Nearly a third of homes for sale have seen their original asking prices cut, new research has revealed.
A total of 31.3 per cent of properties on the market in Britain's 100 major towns and cities have seen their prices reduced.
In eight out of the 100 towns, more than 40 per cent of homes for sale had seen a price reduction.
The place with the largest percentage of homes reduced in price is Stockton on Tess in County Durham, with this three bedroom house in the area reduced to £55,000
The place with the largest percentage of homes reduced in price is Stockton on Tess in County Durham, where 40 per cent of properties have been dropped in price to secure a sale.
In Aberdeen, almost 46 per cent have had a price reduction, which compares to just 12.3 per cent of properties in Salford, according to the research carried out by estate agents HouseSimple.com, which was based on data from the property website Zoopla.
Seventeen out of the top 20 places that have seen price reductions are in the North of England or Scotland.
Only one city in the south of England features in the list of 20 places with the biggest price reductions - which is Oxford, with 36.8 per cent of properties for sale having been cut in price since they were first put on the market.
Among the three largest cities in Britain, three out of every 10 properties has been reduced in London, 27.6 per cent in Birmingham and 19.9 per cent in Manchester.
Almost 46% of properties in Aberdeen have had a price reduction, with this six bedroom house in the area reduced to £895,000
By contrast, only 12.3% of properties in Salford have been reduced in price, with this five bedroom home reduced to £295,000
|Town/City||Region||Total listings (current)||No. of listings reduced in price||% of listings reduced in price|
|Stockton on Tees||North East||610||300||49.20%|
|St Helens||North West||514||205||40.00%|
|Grimsby||Yorkshire & the Humber||314||123||39.20%|
|Borough||Total listings||No. of listings reduced in price||% of listings reduced in price|
|Richmond upon Thames||1259||461||36.60%|
|Hammersmith & Fulham||1468||522||35.60%|
|Kensington & Chelsea||2250||787||35.00%|
HouseSimple said the figures suggested that estate agents in the capital are finding it harder to secure a sale and are having to drop asking prices to attract buyers.
Alex Gosling, chief executive of HouseSimple.com, said: 'Price reductions can indicate that there are too many sellers and not enough buyers, but actually there has been a lack of stock coming onto the market and plenty of buyers looking.
'That would suggest that sellers are in the driving seat and wouldn't need to drop their asking price to secure an offer. But with all the economic uncertainty, particularly around Brexit, buyers are being more cautious about purchasing, spending more time viewing multiple properties before making a decision.
'If sellers are committed to selling, then cutting the price is likely to attract more buyers, and particularly those buyers who have expressed an interest but are sitting on the fence.
'For anyone selling a property, there needs to be a lowest price you're willing to take so that you are prepared to negotiate if a strong buyer – someone with finance in place who can move quickly to exchange – makes an offer.
'Sometimes holding out for an offer that might be a few thousand pounds more, could result in your property sitting on the market for months.'
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