According to Zoopla’s new figures, a third of London property listings have been reduced in price as of the beginning of April. The proportion of properties that have been reduced is down since last December when it stood at nearly 40%, but currently, the average property on the market in London has still been reduced by an average of £62,581.
The property website has also compiled which London areas have the biggest reductions on offer at the moment, with Kensington and Chelsea being named the London borough with the largest asking price reductions on offer at the moment. Houses had an average price reduction of 7.8%.
That was followed by Westminster, Hammersmith & Fulham and Camden, with average price reductions of 7.6%, 7.4%, and 6.9%.
|Borough||Average price reduction (£)||Average price reduction (%)|
Kensington & Chelsea
|Hammersmith & Fulham||£71,282||7.41%|
|Richmond upon Thames||£52,202||6.56%|
Meanwhile, Merton was the area with the highest proportion of reduced properties on the market, with 40%, followed by Richmond upon Thames, Hillingdon, and Croydon.
Overall, the Isle of Man was home to the largest discounts – reduced properties there have been marked down by 8.36% on average, followed by Bradford, Doncaster, Blackburn, and Hull. London came ninth in the top 10.
Zoopla analysed the top 50 locations with the highest number of for sale properties and 33 London boroughs to reveal the proportion of listings in each area that has had their asking prices reduced as of 6 April.
Zoopla said: “At present, nearly a third of properties on the market have been reduced in asking price, with some average discounts eclipsing eigh%.
“This should be welcome news for prospective first-time buyers looking to get a foot on the property ladder. Those seeking bargains could consider areas such as Bradford, Doncaster, and Blackburn in particular, or Twickenham if you’re looking to live closer to the capital.”