House prices are standing still at best if new data from property portal Zoopla is correct.
The online marketplace for selling and renting homes claims more than a third of homes advertised across the country have seen savage price cuts in recent months.
The average property discount stands at £24,823, but the biggest cuts have hit the most expensive properties in London.
The most expensive streets in the country are in the borough of Kensington and Chelsea.
Kensington Palace Gardens, where Chelsea soccer club owner Roman Abramovich lives with the Sultan of Brunei, has seen home values tumble by £7 million from £42 million to £35 million.
Many of the regions with the severest price cuts are in the North East – where 43% of homes listed for sale in Stockton-on-Tees have seen an average 7.87% drop in value.
Sellers in Bishop Auckland and Hartlepool have seen similar reductions.
Zoopla spokesman Lawrence Hall said:
“There has been an increase in the number of reduced properties on the market since earlier this year.
“Those looking to scout out a bargain should consider looking in County Durham, home to Stockton-on-Tees and Bishop Auckland, some of the biggest discounters.”
Zoopla analysed property listings live on the website last month to establish the proportion of homes with asking price reductions, revealing that Kingston-upon-Thames tops the list with nearly half (48.14%) of homes in the town marked down.
This is closely followed by neighbouring Surbiton (47.25% and coastal Southsea, near Portsmouth, Hampshire (46.33%).
Besides deals in the North-East for landlords, in London, the least discounted neighbourhood is Bexley, Kent. Even though they have seen a 4.98% decrease, the average is a long way behind Kensington, Kingston-upon-Thames (6.12%) and Richmond (6.62%).
Towns with biggest property discounts
|Rank||Town||Properties with reduced prices (%)||Average reduction (%)||Average price reduction (£)|
|Source: Zoopla – July 2017|