The market may be soaring in most of the country but there are still locations where significant numbers of properties sell only after price reductions.
Birmingham agency Barrows and Forester has analysed current property listings for homes that have seen an asking price cut to highlight which regions offer the biggest discounts.
Across Britain, those properties currently on the market and having seen a drop in asking price expectations are - on average - six per cent more affordable than when they first entered the market. This is an average £18,000 reduction for homebuyers looking to snap up a bargain.
The region in which the average price reduction is highest is the North East where, on average, asking prices reduce by 8.3 per cent. 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 per cent. With an average price of £184,149, the potential saving for buyers is £12,600.
The West Midlands (6.2 per cent) offers savings of around £17,200; the North West (6.1 per cent) offers savings of £14,300; while Yorkshire & Humber (also 6.1 per cent) and Wales (6.0 per cent) offer potential savings of £12,800 and £14,400 respectively.
Elsewhere, the South East (6.0 per cent) offers savings of £27,400 and the South West (5.6 per cent) offers savings of £20,300.
Despite having the third-lowest percentage discount in Britain at just under 5.5 per cent, London’s high house prices mean this is a potential saving of £45,800, while the East Midlands (5.2 per cent) and the East (5.0 per cent) offer savings of £14,000 and £19,400 respectively.
James Forrester, managing director of the agency, says: “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 pays to do research and see how long a property has been listed for, as well as enquiring as to the level of attention it’s 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.”