Over a third of properties currently for sale in St Albans have been reduced
PUBLISHED: 09:20 19 December 2017 | UPDATED: 09:36 19 December 2017
One in three properties currently on the market in St Albans has had its asking price slashed, new analysis has revealed.
According to the latest Zoopla data, 36.9 per cent of homes for sale in the city have been reduced in price by an average of 5.79 per cent (£31,092).
The national average reduction stands at 8.65 per cent (£25,562) while the total amount of properties that have been reduced is 35.33 per cent.
Zoopla also analysed 196 British towns and 33 London boroughs with 300 or more property listings to collate area-specific data.
The largest discounts were found in Stockton-on-Tees, where properties have been marked down by 8.37 per cent (£13,350) on average, while Hayes has seen the smallest price decreases of 4.63 per cent (£18,639).
Camberley in Surrey has the largest share of reduced price properties, with over half (53.52 per cent) of homes marked down from their original asking price, followed by Kingston-upon-Thames and Richmond.
Towns in Scotland and Northern England have proved more resilient; just 15.73 per cent of homes in Edinburgh have been reduced, followed by Salford and Glasgow.
In London, 39.45 per cent of property listings have been cut by an average of 7.39 per cent (£53.251). The biggest reductions were in the upmarket borough of Kensington and Chelsea, with average reductions of 7.9 per cent (£129,559).
East London’s Barking and Dagenham is home to the smallest reductions of 5.11 per cent (£19,413). The greatest proportion of reduced price properties can be found in Merton (46.18 per cent) while Newham has the smallest share (32.83 per cent).
Lawrence Hall, spokesperson for Zoopla, said: “There has been an increase in the number of reduced properties currently on the market and a small rise in the average discount applied, which is more good news for first time buyers trying to get on the property ladder.
“A slight rise in levels of discounting is to be expected at this time of year when house-hunters are likely to be delaying their property search until activity picks up in January.
“Those on the look-out for a bargain should consider looking in Camberley or Kingston-upon-Thames in the South, or areas of the North East; home to some of Britain’s biggest discounts.”