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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Whether you’re bargain hunting for buy-to-let or buying your next home, we reveal the regions where prices are being slashed the most.
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.
| 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.
