London commuter towns - more than anywhere else in the UK - are seeing a growing number of properties reduced in price, according to research by online estate agents HouseSimple.com.
Reading is 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.
HouseSimple research looked at the percentage of properties dropped in price by estate agents since they were first advertised, and compared the percentage in February 2017 with August 2017. The top ten towns or cities with the largest percentage growth in price-reduced properties, comparing February and August, are all within an hour of central London by train.
Reading has a commuting time of 30 minutes and property prices have risen more than 30% over the past five years. But the research found that 44.0% of properties currently for sale in the Berkshire town have been reduced in price since they were first advertised. That compares to 22.8% of properties on the market in February 2017 that had a price reduction. The percentage of price cut properties has almost doubled in six months – more than anywhere else in the country.