Where in the country can you find the biggest property price reductions?
The number of properties listed for sale in the UK is dropping at the fastest rate in a decade according to Rightmove’s latest House Price Index.
New listings fell by nearly 15% in the biggest year-on-year drop in any month since August 2009.
“Elections normally dampen activity as uncertainty causes a degree of hesitation, but this one is being called to try to break the deadlock. A more certain outlook, whatever it may be, would be a welcome change for those who are contemplating moving,” commented Rightmove director, Miles Shipside.
So, in this slowdown, are there any price reductions to be had?
Where have asking prices been reduced the most?
The Royal Institution of Chartered Surveyors reported that the south east experienced the worst slowdown in property prices. This is reflected in research by Property Solvers estate agents who compared Rightmove asking prices with house sale prices from the Land Registry over the past year.
The regions where asking prices have been discounted the most are all in the south east.
Buyers can take advantage of the biggest discounts in Slough with average reductions of £27,584 off the asking price. This is followed by £25,705 in Watford. Other average asking price discounts include £25,435 in Guildford, followed by £20,966 in St Albans and £18,001 in Southampton.
Unsurprisingly, there have been much larger average discounts in the capital. Prices in South West London were dropped by £71,178 on average. North West London is not far behind with average reductions of £68,840.
Average price reductions of £53,998 could be found in west London, while there were average price drops of £37,597 in North London, followed by reductions of £28,147 in Kingston Upon Thames and £27,818 in Harrow.
Where have asking prices been reduced the least?
The regions with the least discounts off asking price can be found north of the border, in Scotland.
In Perth, the average price reduction was just £2,435, followed by Kilmarnock with an average price drop of £2,595.
Meanwhile, in the north of England, Wigan saw the smallest drop with average reductions in asking prices of just £3,890. This was followed by Hull, where prices were cut by £4,258 on average.
"Arguably due to the cloud of uncertainty surrounding Brexit, we're operating in a buyer's market at the moment and the fact that agents knowingly state exaggerated valuations at the initial stages is a disservice,” said Ruban Selvanayagam of Property Solver.
Percentage property price drops across the country
However, according to the Land Registry and Office for National Statistics' UK House Price Index, house prices increased by 1.3% across the country in the year to September with the average cost of a home how £234,370.
The Index showed that in the year to September, property prices rose by 2.8% in the North West of England. This was the strongest growth anywhere in the country. Meanwhile, house prices in London dropped by an average of 0.4% and by 0.2% in the East of England.
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