The regions where buyers can negotiate down the asking price



Buyers in the North East of England have the most wiggle room to negotiate, as when asking prices drop they typically fall by 8.3%, research from agent Barrows and Forrester has revealed.

This means buyers in the region are commonly able to get a reduction of nearly £17,000 from the purchase price.

Across Britain as a whole, properties currently on the market to have seen a drop in asking price expectations are 6% more affordable than when they first entered the market.

James Forrester, managing director of Barrows and Forrester, said: “Despite record high house prices and consistent levels of buyer demand, 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 always pays to do your research and see how long a property has been listed for, as well as enquiring as to the level of attention it has 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.”

In Scotland, price reductions are averaging 6.8%. With an average price of £184,149, the potential saving for buyers is £12,600.

The West Midlands (6.2%) offers savings of around £17,200; the North West (6.1%) offers savings of £14,300; while Yorkshire & Humber (6.1%) and Wales (6%) offer £12,800 and £14,400 off respectively.

Elsewhere, the South East (6%) offers reductions of £27,400 and the South West (5.6%) offers savings of £20,300.

Despite having the third-lowest percentage discount in Britain at just under 5.5%, London’s high house prices mean this is a potential saving of £45,800, while the East Midlands (5.2%) and the East (5%) offer reductions of £14,000 and £19,400 respectively.

Table shows average price reduction across London boroughs for homes that are still on the market having seen the asking price reduced, ranked from highest % aveage discount to lowest.
Location Average asking price Average asking price reduction Potential reduction £ Potential price after reduction
North East £202,936 8.34% £16,918 £186,018
Scotland £184,149 6.83% £12,571 £171,578
West Midlands region £277,229 6.22% £17,231 £259,998
North West £234,196 6.11% £14,309 £219,887
Yorkshire and the Humber £210,728 6.10% £12,847 £197,881
Wales £238,770 6.04% £14,426 £224,344
South East £459,999 5.95% £27,391 £432,608
South West £364,958 5.55% £20,268 £344,690
London £833,994 5.49% £45,784 £788,210
East Midlands £271,891 5.18% £14,080 £257,811
East of England £384,561 5.05% £19,430 £365,131
Great Britain £296,950 6.08% £18,048 £278,902
Source – Zoopla
         

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