According to HouseSimple research London commuter towns are seeing the biggest rise in estate agents cutting property prices.
Reading which has a commuting time of 30 minutes into London Paddington is now the property price cutting capital of the UK with the percentage of properties currently for sale, which have been cut in price, almost double the level of six months ago.
With the prices rising 30% over the past five years, perhaps its surprising that HouseSimple found that 44% of properties currently for sale in this Berkshire town have been reduced in price since they first advertised.
All of the top ten towns or cities with the largest percentage growth in price – reduced properties, comparing February and August are within an hour commute of central London by train.
Basingstoke is only 50 minutes by train into London Waterloo, yet 35.6% of properties currently for sale have been reduced in price since they first came on the market. This is in comparison to 19.1% when this research was conducted back in February 2017, an increase of 16.5%.
Across the UK 18 of the towns or cities analysed by HouseSimple are members of the 40% club – where 40% or more of properties currently for sale have been reduced in price. Again this is an increase from just eight towns or cities back in February.
In particular in Darlington almost half the properties – 47% – currently being marketed have been dropped in price to secure a sale. In Wigan 45.5% of properties have had a price cut.
Salford and Edinburgh have on the other hand witnesses the percentage of properties reduced in price fall in August 2017 compared to February 2017. Only 11.3% properties have had their price reduced in Salford and 11.7% in Edinburgh.
If you are looking to invest in Reading, one bedroom flats within easy access of town centre start at £150,000 with a two bed starting at £175,000.
If you were looking to purchase your next buy-to-let in Basingstoke prices start around the £127,500 mark while a two bed will cost you around £170,000.