Where are sellers cutting asking prices the most

View of the Victorian seaside architecture at dusk in Broadstairs, Kent asking prices

(Image credit: Getty Images)

House prices have fallen across the board, with property asking prices being cut at the fastest rate in over a decade.

But some regions saw bigger cuts than others, and according to property portal Zoopla, the South East has been hardest hit by price reductions.

Eight out of the top ten places in the UK that have reported price cuts of 5% or more were located in the South East.

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House prices: top 10 areas where sellers are cutting asking prices

Over one in ten houses (11.8%) across the country had their prices reduced by 5% or more in the past 90 days. This is a steep increase from the previous 5 year average of 6.9% for the same time period, says Zoopla.

More than 2 in 10 homes for sale in Thanet, Kent, have had the asking price cut by 5% or more to ensure a sale in the past 3 months - around 20% of homes listed in this South East town are in the market at a discounted price.

Dover (19.8%), Brighton & Hove (19.4%), Surrey Heath (19.2%) and Woking (18.7%) - all in the South East - saw one in five property listings with price reductions of at least 5% in the last 90 days.

Out of the South East, Colchester in the East of England, appears to be a bargain hotspot with 19% of available listings seeing prices cut by 5% or more.

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Local Authority	Region	Proportion of for-sale listings undergoing an asking price reduction of 5% or more in the last 90 days
Thanet	S East	20.8%
Dover	S East	19.8%
Brighton and Hove	S East	19.4%
Surrey Heath	S East	19.2%
Woking	S East	18.7%
Colchester	East of England	18.6%
Maidstone	S East	18.6%
Lewes	S East	18.6%
Hyndburn	N West	18.3%
Canterbury	S East	17.9%

Rightmove, which publishes a different house price index, recently reported that just over 36% of properties have had their price cut, with the average reduction coming in at £22,700 or 6.2%. The average asking price currently stands at £366,281.

Sellers have been advised to be “realistic” about their asking prices if they want to secure a sale quickly.

Pedro Gonçalves is a finance reporter with experience covering investment, banks, fintech and wealth management. He has previously worked for Yahoo Finance UK, Investment Week, and national news publications in Portugal.