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31 Dec, 2023

4,000 UK Properties See Price Reduction in December

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    Yopa Research Shows Significant Number of Discounted Properties in December

    The number of discounted properties in the UK housing market is going up.

    Recently, Rightmove reported an average asking price discount of £7,000 as sellers attempt to push through sales before the end of the year.

    Now, research from Yopa sheds light on how many properties on Zoopla have undergone a price drop.

    These price reductions could be good news for investors looking to buy property to rent out.

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    How Many Reduced-Price Properties in the UK Market?

    Yopa’s recent research indicates that, within the past month, homes listed for sale in England have experienced a daily reduction rate of 137 properties.

    The analysis focused on newly listed homes on Zoopla, revealing that of the 72,452 homes listed, 6% have already undergone a price reduction – amounting to over 4,000 homes, or 137 properties per day.

    Notably, the South East (936) and London (821) lead in price reductions, with daily reduction rates of 31 and 27 properties respectively.

    Despite the adjustments, only 4.6% of these reduced homes have secured a buyer, totalling 191 properties sold subject to contract or under offer.

    Looking for more buy-to-let information? Check out our buy-to-let UK guide. You may also want to explore our page on properties in Luton if you’re interested in those South East and London price reductions.

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    What Do the Experts Say About the Recent Asking Price Drops?

    Yopa chief executive Verona Frankish had the following to say:

    “It’s a challenging landscape for sellers at present. Higher mortgage rates have caused buyer numbers to dwindle, and this has very much transferred the balance of power from seller to buyer. The good news is that property values have remained largely unchanged despite wider economic turbulence and so those who are able to secure a buyer are still securing a great price for their property.

    “The real issue is the time it’s taking to find a buyer in the first place, and this is the driving factor causing many sellers to drop their asking price expectations in an attempt to secure a quicker sale. However, as our research shows, this isn’t necessarily the key to success, and less than five percent of sellers who reduce their price within the first 30 days of entering the market are actually finding a buyer.”

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      Why Are Sellers Reducing Their Prices?

      It is not unusual to see prices drop in December, as BTL investors tend to wait until the Christmas period is over before making any investment decisions. In reaction, sellers will drop prices. So, while asking price reductions are typical, it could be an opportune time for buyers to find good-value properties in the market.

      Prices are more subdued than usual, thanks to high inflation and interest rates for most of the year. This has forced buyers away from the market. However, in the final months of 2023, inflation fell to 4.6%, and interest rates stayed at 5.25% following repeated increases over the year.

      This has led to increased confidence in the market, with mortgage rates coming down below 5% in some cases.

      Currently, the average property price in the UK is £292,882 (per HM Land Registry). However, some areas, like the North West region, have much better-value properties available. With an increase in discounted homes available, investors may want to look to these better-value areas to maximise their chances of finding bargain properties in the UK property market.

      Consider checking out our guides on property investments and investing for monthly income for more essential buy-to-let investment tips and information. Alternatively, you may want to read some of our buy-to-let city guides to find good-value areas that suit your investment goals.

      Some of these guides include:

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      Dale Barham

      Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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