House prices are being slashed in Lancashire - but what's the picture where you live?

House prices are being slashed
House prices are being slashed

Nearly two in every five homes for sale in the UK have had their original asking price slashed with Blackpool seeing some of the biggest percentage reductions and Chorley the smallest.

Some 37.9% of homes for sale have had their asking price reduced, up from 32.4% when research was previously carried out in April, according to property website Zoopla.

House prices are being slashed

House prices are being slashed

Blackpool has made the top 10 places in the country with the biggest asking price reductions at 6.7% average - around £10,113 in cash terms. A total of 38.36% of homes have had the original asking price reduced.

Meanwhile, Chorley has made top 10 areas with the smallest asking price reductions in percentage terms at 5.85% or around £11,308 in cash value. A total of 36.68% homes have had their asking prices reduced.

Visit our property section for latest news and features on Lancashire homes

But house prices are being slashed across the country.

Bradford, Newcastle upon Tyne and London are among the areas with the biggest percentages slashed off the original asking price, it found, while house-sellers in Brighton are particularly likely to be offering price reductions - as are those in Slough, Reading and Croydon.

But house-hunters searching in Glasgow, Manchester, York or Cardiff may find vendors are more likely to dig their heels in on price - with sellers in these areas less likely to be offering money off the original asking price.

Across Britain, the average asking price discount on offer is £26,131.

The research also found that house-sellers in London are becoming more likely to shave chunks off their original asking price.

Some 39.5% of London property listings have been reduced in price - up from 34.6% in April.

In Kensington and Chelsea, the average asking price discount is £127,394 - nearly five times the average cash discount of £26,131 being offered across Britain.

Zoopla spokesman Lawrence Hall said the findings "should be welcome news for prospective first-time buyers looking to get a foot on the property ladder."

He continued: "With further market uncertainty ahead, it will be interesting to see whether these reduction figures rise in the coming months."

Here are the top 10 areas with the biggest asking price reductions in percentage terms according to Zoopla, with the average reduction in percentage and cash terms followed by the percentage of homes on the market that have had the original asking price reduced:

1. Bradford, 7.77%, £10,738, 37.09%
2. Mitcham, 7.45%, £47,165, 45.92%
3. Newcastle upon Tyne, 7.18%, £13,721, 38.64%
4. Doncaster, 7%, £13,915, 34.46%
5. Bolton, 6.97%, £15,874, 37.28%
6. London, 6.89%, £64,661, 39.46%
7. Chesterfield, 6.81%, £16,567, 38.55%
8. Blackburn, 6.78%, £8,893, 34.83%
9. Liverpool, 6.77%, £13,078, 28.51%
10. Blackpool, 6.70%, £10,113, 38.36%


Here are the top 10 areas with the highest proportion of homes on the market that have had the original asking price reduced according to Zoopla, with the percentage of homes on the market which have been reduced followed by the average asking price reduction in percentage and cash terms:
1. Brighton, 46.60%, 6.42%, £28,122
2. Woking, 46%, 6.40%, £34,845
3. Mitcham, 45.92%, 7.45%, £47,165
4. Slough, 45.84%, 5.8%, £31,732
5. Sutton, 45.37%, 5.88%, £25,228
6. Reading, 44.62%, 5.94%, £26,478
7. Basingstoke, 43.79%, 5.79%, £21,866
8. Harrow, 43.34%, 5.97%, £29,066
9. Twickenham, 43.30%, 6.66%, £44,218
10. Croydon, 43.08%, 6.58%, £25,615


Here are the top 10 areas with the smallest asking price reductions in percentage terms according to Zoopla, with the average reduction in percentage and cash terms followed by the percentage of homes on the market that have had the original asking price reduced:
1. Bedford, 5.62%, £20,643, 39.37%
2. York, 5.66%, £17,835, 31.72%
=3. Huntingdon, 5.73%, £20,217, 37.16%
=3. Peterborough, 5.73%, £16,047, 38.81%
5. Horsham, 5.78%, £25,420, 41.89%
=6. Birmingham, 5.79%, £15,006, 30.36%
=6. Basingstoke, 5.79%, £21,866, 43.79%
8. Slough, 5.80%, £31,732, 45.84%
9. Chorley, 5.85%, £11,308, 36.68%
10. Sutton, 5.88%, £25,228, 45.37%


Here are the top 10 areas with the smallest proportion of homes on the market that have had the original asking price reduced according to Zoopla, with the percentage of homes on the market which have been reduced followed by the average asking price reduction in percentage and cash terms:
1. Glasgow, 18.84%, 6.24%, £9,613
2. Manchester, 25.87%, 6.46%, £15,070
3. Liverpool, 28.51%, 6.77%, £13,078
4. Sheffield, 30.11%, 6.46%, £13,022
5. Birmingham, 30.36%, 5.79%, £15,006
6. York, 31.72%, 5.66%, £17,835
7. Stoke-on-Trent, 32.40%, 6.05%, £13,647
8. Coventry, 32.55%, 6.22%, £18,717
9. Cardiff, 33.01%, 6.10%, £16,290
10. Hull, 33.66%, 6.68%, £9,195