The latest research by Birmingham estate and lettings agent, Barrows and Forrester, reveals where homebuyers can cash in on the biggest asking price reductions in an otherwise red hot housing market.
Barrows and Forrester analysed current property listings for homes that have seen an asking price reduction to highlight which regions currently offer the biggest discount.
Across Britain, those properties currently on the market to have seen a drop in asking price expectations are 6% more affordable than when they first entered the market – an £18,000 reduction for homebuyers looking to snap up a bargain.
The British region in which the average price reduction is highest is the North East where, on average, asking prices reduce by 8.3%. With an average regional house price of £202,936, this marks a potential saving of £17,000.
In Scotland, price reductions are averaging 6.8%. With an average price of £184,149, the potential saving for buyers is £12,600.
The West Midlands (6.2%) offers savings of around £17,200; the North West (6.1%) offers savings of £14,300; while Yorkshire & Humber (6.1%) and Wales (6%) offer potential savings of £12,800 and £14,400 respectively.
Elsewhere, the South East (6%) offers savings of £27,400 and the South West (5.6%) offers savings of £20,300.
Despite having the third-lowest percentage discount in Britain at just under 5.5%, London’s high house prices mean this is a potential saving of £45,800, while the East Midlands (5.2%) and the East (5%) offer savings of £14,000 and £19,400 respectively.
Managing Director of Barrows and Forrester, James Forrester, commented: “Despite record high house prices and consistent levels of buyer demand, it is possible to find properties that have lowered their asking price expectations in the current market.
“The reasons for this differ from home to home, but it might be down to impatient sellers wanting to move quickly, a structural problem coming to light after the home was already on the market, or a simple case of being situated in one of those rare pockets of low demand.
“While it’s advisable to move quickly in current market conditions, it always pays to do your research and see how long a property has been listed for, as well as enquiring as to the level of attention it has received. By doing so you can identify if an asking price reduction is imminent or if you can simply secure one during the negotiation process without having to wait.”