Homeowners slashing prices across UK & Brighton high on list

Homeowners slashing prices in the UK. In total, eight of the 10 areas that have seen the biggest price cuts are in the South East.

This data was shared exclusively with This is Money by the property website, Zoopla.

Homeowners slashing prices

“Dover, Brighton and Hove and Surrey Heath have also all seen almost one in five available listings reduced in price by at least 5 per cent in the last 90 days,” they report.

Overall, 11.8 per cent of homes across the UK have seen their price cut by 5 per cent or more over the past 90 days.

So if you are thinking what could you buy for £450k in Brighton CLICK HERE.

The top 5 places are:

1. Thanet

2. Dover

3. Brighton & Hove

4. Surrey Heath

5.North Norfolk

Pink Floyd 

At the super-luxury end of the market Pink Floyd legend Dave Gilmour and wife have slashed £5M off £15M price tag off their seafront home.

It has been on the market for a year, at the original figure, and is an extreme example of the Brighton & Hove property price slump.

The couple rebuilt the former Victorian Turkish bathhouse in Hove after buying the extensive plot back in 2015.

At the time of the building works one local campaign group, ‘Save Hove from Property Tycoons’ pinned a message to the building.

It read: ‘We don’t need no demolition, we don’t need no thoughtless plans, no tall dark shadows across our windows. Leave Medina House Alone.

‘Hey Gilmour, leave our hood alone. All in all it’s just another betrayal of us all, to you it’s just another brick in the wall.’

A pun on one of the bands most famous hits.

Interest rates

This could be good news got those trying to get on the property ladder, as UK lenders are expected to launch another round of mortgage rate cuts. First time buyers could be facing cheaper borrowing and cut price homes.

However, as ever, with good news there is always a note of caution.

Sam Murphy MD of Mortgage Medics said: “House prices tumbling in the UK might indicate that the wider economic problem we have been warned about is already being felt.

“These figures show that agents and sellers are working together in these areas to get people moving.

“Whilst nobody likes to think their property may have lost value, rising interest rates over the last 12 months have forced many buyers who need a mortgage to reduce their budget. As such, setting an asking price that will attract buyer interest in the current market is a smart move, and those buying as well as selling may reap the benefit of similar reductions on their onward purchase.”

If this has got you thinking, we’d be delighted to give you advice.

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Related: What can I buy close to Brighton and what will it cost?