THIRD of UK homes have had £25,000 slashed off asking prices – where to find the biggest discounts
OVER a third of UK homes on the market have had their asking prices slashed by nearly £25,000 on average, according to new research.
House sellers are starting to cut bigger chunks off their original asking prices, which is good news for first-time buyers scouting for bargains.
Data from property website Zoopla found that 34 per cent of homes currently for sale had been marked down in price, with the average discount now standing at 8 per cent or a huge £24,823.
Kingston-upon-Thames topped the list with nearly half of homes in the town marked down by an average of £78,625.
This was followed by neighbouring Surbiton with more than 47 per cent of houses reduced by more than £38,0000 and coastal Southsea with prices down by more than £13,500 on average.
In London, some 36 per cent properties for sale have had their asking price reduced, with an average discount of £53,457.
Lawrence Hall, a spokesperson for Zoopla, said the summer months are notoriously quiet for the housing market, which could go some way towards explaining the slight increase in the number of properties being discounted in asking price.
However, he insisted that price reduction levels on the whole are fairly static, and this is reflective of the current housing market.
Tips for first-time buyers who want to get on the property ladder
THINKING of buying your own home? These tips may help...
- Identify the more affordable areas of the city or region you want to move to, by looking where property prices are much lower than the city or region's average.
- Consider avoiding areas that have experienced particularly high house price growth in recent years, as that may suggest potential for future growth has been already exhausted and prices will not grow much going forward.
- Look into whether there are any transformation projects or infrastructural developments planned. These could signal a potential increase in house prices.
- Look at the crime rates in the area to understand the severity of the crime and whether the picture is improving or worsening.
- Find out if there are any developments planned for schools in the local areas. Improvement in the education offering in affordable areas can push house prices up
"On the whole, the heaviest discounts in recent times have been in central London where the market started to slow around two years ago," Mr Hall told the Sun Online.
"Over the same period, the outer area of London saw stronger upward price pressure, but the slowdown post the Brexit referendum means that asking prices in areas such as Kingston may require more discounting in order to attract buyers," he added.
First-time buyers have been forced to consider new ways of getting onto the property ladder in recent years, with nearly one in four of them say it took them between five and ten years to save up enough for a house deposit.
But data from Halifax, the UK's biggest mortgage lender, recently showed that first-time buyers in the UK would be on average £651 a year better off, if they bought their own home instead of renting.
HIDDEN GEMS Most affordable cities for first-time buyers revealed – but would you move hundreds of miles just to buy a home?
And Londoners could save up even more, cashing in almost £2,000 a year by stepping on the property ladder instead of paying rent.
The Sun Online has previously explained how you can bag a bargain, if you’re prepared to bid for a property at auction.
We’ve also reported on the most affordable cities for first-time buyers with Southampton, Norwich and Nottingham topping the list – while those searching in Brighton and London may struggle.
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