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Over One-Third of Homes on the Market in Britain Have Been Discounted

Twickenham is the property discount capital of Britain, where almost half of properties are reduced

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London, England

Max Alexander/Getty Images
London, England
Max Alexander/Getty Images

Almost half of the properties for sale in Twickenham have dropped their asking prices since hitting the market, making it the U.K.’s capital of price reductions, according to a report Thursday from U.K. property website Zoopla.

Owners of 41.82% of the homes for sale in the town have lowered their prices by an average of 6.16%, equating to an average £41,832 (US$59,375) discount, according to the report.

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In the 50 locations across Britain that Zoopla analyzed, 32.44% of properties on the market have been discounted, a slight decrease from 35.33% in December 2017, when figures were last analyzed. The average reduction in property asking price across Britain stands at £24,947 (US$35,409), or 8.42%.

"At present, nearly a third of properties on the market have been reduced in asking price, with some average discounts eclipsing 8%," said Lawrence Hall, spokesperson for Zoopla, in the report. "This should be welcome news for prospective first-time buyers looking to get a foot on the property ladder."

In London, unsurprisingly, the figures for discounted properties skew a little higher. In the capital alone, 34.61% of London property listings have been reduced in price, down from 39.45% in December.

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Currently, the average property on the market in London has been reduced by an average of 6.66%, or £62,581 (US$88,826).

Merton, a borough in southwest London, has the largest share of discounted properties in the capital, 40.30%, followed by the tony Richmond upon Thames where 39.49% of homes have had their prices slashed. The City of London, its commercial center, has the least, with 23.30% of homes discounted, the report said.

Kensington and Chelsea is London’s highest discounted borough with an average reduction of 7.86%, equating to £113,491 (US$161,087).