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Third of house sellers slashing price amid market uncertainty

The proportion of properties seeing price drops increases almost 5% in six months, according to research.

More than a third of people selling their homes are cutting the original asking price, according to research.

The average discount is £26,131, property website Zoopla said, adding that 37.9% of homes for sale had been reduced in price in the last six months – up from 32.4% in April.

The biggest percentage decrease was 7.77% in Bradford – or a drop of £10,738 on average.

Mitcham in south London, Newcastle upon Tyne and Doncaster have also seen drops of 7% or more.

In London, the average figure was 6.89% – equating to a drop of £64,661. Almost two fifths of properties in the capital – 39.46% – have had their values revised.

In Kensington and Chelsea, the average reduction is £127,394 – nearly five times the national average of £26,131.

Other locations in the top ten are Bolton, Chesterfield, Blackburn, Liverpool and Blackpool.

Areas with the smallest reductions in asking price included Bedford and York, with reductions of 5.62% and 5.66% respectively.

Brighton tops the list of places with the largest proportion of homes which have been reduced – 46.6%, followed by Woking, Mitcham, Slough and Sutton.

Glasgow has seen the lowest price reductions – at 18.84% on average – followed by Manchester and Liverpool.

Lawrence Hall from Zoopla said that while it was “welcome news for prospective first-time buyers”, there was “further market uncertainty ahead”.

:: Top 10 areas with the biggest average price reductions in percentage and value

1. Bradford, 7.77%, £10,738

2. Mitcham, 7.45%, £47,165

3. Newcastle upon Tyne, 7.18%, £13,721

4. Doncaster, 7%, £13,915

5. Bolton, 6.97%, £15,874

6. London, 6.89%, £64,661

7. Chesterfield, 6.81%, £16,567

8. Blackburn, 6.78%, £8,893

9. Liverpool, 6.77%, £13,078

10. Blackpool, 6.70%, £10,113

:: Top 10 areas with the highest proportion of homes on the market that have had the original asking price reduced

1. Brighton, 46.60%

2. Woking, 46%

3. Mitcham, 45.92%

4. Slough, 45.84%

5. Sutton, 45.37%

6. Reading, 44.62%

7. Basingstoke, 43.79%

8. Harrow, 43.34%

9. Twickenham, 43.30%

10. Croydon, 43.08%

:: Top 10 areas with the smallest asking price reductions in percentage and cash terms

1. Bedford, 5.62%, £20,643

2. York, 5.66%, £17,835

=3. Huntingdon, 5.73%, £20,217

=3. Peterborough, 5.73%, £16,047

5. Horsham, 5.78%, £25,420

=6. Birmingham, 5.79%, £15,006

=6. Basingstoke, 5.79%, £21,866

8. Slough, 5.80%, £31,732

9. Chorley, 5.85%, £11,308

10. Sutton, 5.88%, £25,228

:: Top 10 areas with the smallest proportion of homes on the market that have had the original asking price reduced

1. Glasgow, 18.84%

2. Manchester, 25.87%

3. Liverpool, 28.51%

4. Sheffield, 30.11%

5. Birmingham, 30.36%

6. York, 31.72%

7. Stoke-on-Trent, 32.40%

8. Coventry, 32.55%

9. Cardiff, 33.01%

10. Hull, 33.66%

Source From: https://news.sky.com/story/third-of-house-sellers-slashing-price-amid-market-uncertainty-11534331

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