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A third of homes for sale cut original asking price - report

A third of homes on the market have had their original asking price slashed, according to a property website.

Some 33.4% of properties for sale have been marked down in price, with the average discount across Britain standing at £23,860, Zoopla found.

In London, 33.3% of properties for sale have had their asking price reduced, with an average discount of £58,498 or 7.6%.

The biggest price decreases can be found in the London boroughs of Kensington and Chelsea, at 7.9% or £149,153 and Westminster at 7.4% or £133,303.

The borough of Richmond upon Thames has the greatest proportion of reduced price listings in London, at 39.7%.

Looking away from London and across the country, h ouse sellers in Blackburn in Lancashire are offering the biggest discounts typically - with those who have marked down their prices reducing them by 7.7% on average.

The next biggest discounts can be found in South Shields, at 7.6%. South Shields is also among the places with the highest proportion of homes on the market that have had their prices reduced. Around two-fifths (41%) of homes on the market there have had their prices lowered.

Stockton-on-Tees has the highest proportion of homes on the market that have been reduced, with nearly half (47%) having had their prices cut.

But buyers may struggle to find a bargain in Northampton, Aylesbury Buckinghamshire and New Milton in Hampshire, where sellers are offering the smallest discounts, at 4.5%, 4.6% and 4.6% respectively.

The most resilient London borough with the lowest proportion of reduced price properties is Newham, with less than a quarter (23.4%) of listings for sale at a discounted rate, Zoopla said.

Lawrence Hall, a spokesman for Zoopla, said: "There has been a lot of speculation over how the property market would perform in the face of the political and economic events that have made 2016 a milestone year.

"However, the proportion of reduced properties, and their average discount, have remained relatively consistent over the past 12 months. This is a reassuring sign that the market remains seemingly resilient, whilst also offering those looking to get onto the property ladder in 2017 a chance to find a bit of a bargain."

Here are the top 10 areas with the highest proportion of asking price reductions, according to Zoopla, with the percentage of homes on the market that have been reduced followed by the average price reduction in percentage and cash terms:

1. Stockton-on-Tees, 47.19%, 7.08%, £11,092

2. Penrith, 46.01%, 6.44%, £16,357

3. Middlesbrough, 44.96%, 6.68%, £9,937

4. Wrexham, 44.16%, 6.22%, £13,025

5. Bognor Regis, 43.51%, 5.28%, £14,453

6. Darlington, 42.76%, 7.58%, £12,092

7. St Helens, 42.52%, 7.24%, £8,643

8. Huddersfield, 42.25%, 6.25%, £12,451

9. Bishop Auckland, 41.93%, 7.32%, £13,148

10. South Shields, 41.38%, 7.67%, £9,201

And here are the top 10 areas with the largest asking price reductions, according to Zoopla, with the average price reduction in cash terms followed by the percentage of reduced properties on the market and the average price reduction in percentage terms:

1. Blackburn, £10,347, 38.10%, 7.72%

2. South Shields, £9,201, 41.38%, 7.67%

3. Darlington, £12,092, 42.76%, 7.58%

4. Halifax, £13,187, 39.94%, 7.52%

=5. Pontefract, £14,435, 39.00%, 7.43%

=5. Haverfordwest, £20,393, 38.76%, 7.43%

=7. Hartlepool, £13,322, 37.18%, 7.42%

=7. Sunderland £10,379 27.36% 7.42%

9. Isle of Man £33,225 27.80% 7.40%

10. Walsall £14,285 40.62% 7.39%

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