Asking Prices Drop by £18,000 on Average; UK Becomes Buyers Market
According to Zoopla’s latest research, homebuyers in the UK are in the strongest position in five years, with the property portal detecting an average of £18,000 reduction in asking prices.
For those seeking profitable a property investment strategy, this could be an opportune time to add UK properties to their portfolio, especially with mortgage rates dropping to around 5%.
Let’s look at this Zoopla report in greater detail.
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Zoopla Research at a Glance
- Property prices have fallen across England and Wales in every price band
- The most significant drop is in southern England, despite prices being well above pre-pandemic levels
- House price falls should end in 2024
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What Did Zoopla Say About Asking Prices in the UK Property Market?
Zoopla research shows discounts in asking prices have risen to £18,000 – the most significant change since 2018. These figures suggest that investors could be in for a firm and secure “buyer’s market” despite lower supply levels across the UK.
Zoopla shows discounted asking prices on completed sales increased by 5.5% during the first weeks of November, representing a 3.4% increase from the first half of 2023.
London property market areas and the South-East saw a considerable discount of 6.1% (roughly £25,000). However, property prices are much higher in the capital and south-east region, so discounted properties in those areas will still cost significantly more than better-value locations such as the North West, where property prices are remarkably resilient amid some of the best rental yields in the country, particularly in Liverpool and Manchester City Centre.
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