Average asking prices being chopped by over £25,000, says Zoopla

Original asking prices are being chopped by over £25,000, Zoopla has reported.

The average discount, says the portal, is now £25,265 compared with the typical reduction of £21,570 in January.

Almost one third – 29% – of properties on Zoopla have had their asking price cut at least once.

Eight of the ten areas with the highest proportion of properties with a reduced asking price are in the north of England, with over four in ten properties listed in St Helens (43.7%) and Hartlepool (42.5%) being discounted.

In Middlesbrough 40% have been marked down.

The London borough with the highest proportion of properties with prices slashed is Kinsington and Chelsea, where 33% have been reduced.

The place with the biggest cuts is Barnet, north London, where the average discount is 10.8%.

Asking prices of £1m-plus properties are holding up better than the average, but even so, 24% have had their asking prices cut, by an average of £179,593.