Where in the UK are the property bargains?
In a sign that the feverish property market is finally starting to cool down, nearly a third of houses have had their asking price reduced, according to a property listings website.
The average discount on the asking price of a property across Britain is now more than £25,000 – an increase of nearly £4,000 compared to January.
29% of homes currently listed for sale have cut their asking price at least once since the property was first listed, according to Zoopla.
In Barnet, North London, the average amount sellers are willing to knock off the price of their home is an extraordinary £120,969.
However the next highest price reduction can be found in Coventry, with an average cut to asking prices of £27,320.
Of the 10 areas revealed by Zoopla to offer the highest price reductions, eight are in the north of England.
St Helens (43.7%), Hartlepool (42.5%) and Middlesborough (40%) are currently marked down.
Also featuring in the top 10 are Haverfordwest in Wales and Great Yarmouth in East Anglia.
More affluent regions of the country have also seen a cooling off of the housing market. One in three properties in Kensington and Chelsea, one of the most exclusive boroughs in London, have also dropped their asking prices.
Of the properties worth one million pounds or more, the average discount on offer is £179,593 – enough to buy an average home outright in many parts of the country.
“The rise in the average discount to more than £25,000 should be welcome news for aspiring home owners looking to get a foot onto the property ladder,” says Lawrence Hall, a spokesman for Zoopla.
Area: Average Price Reduction (%) Average Price Reduction (£)
Barnet 10.82% £120,969
Coventry 10.43% £27,320
Salford 10.39% £16,634
Haverfordwest 10.14% £25,208
Blackpool 9.59% £15,202
Bishop Auckland 9.58% £14,391
Hull 8.95% £11,889
Hartlepool 8.90% £14,334
Oxford 8.71% £39,890
Romford 8.49% £36,529