Surrey district named discount property capital of Britain

SURREY Heath has been named the house price discount capital of Britain, with three out of five sales done at an price below the initial listing.

The Home Counties borough, which covers towns such as Camberley, Frimley and Bagshot, had almost double the national average of discounted property sales last month.

Some 59pc of homes sold in the Surrey commuter belt district in February had a price change before a sale was agreed, according to Twentyci, a data company. The national average last month stood at 32pc.

Julian de la Poer Beresford, of Hamptons estate agents in Sunningdale, said discounts in Surrey Heath average between 5pc and 8pc.

Discounted property sales are on the rise nationally as high mortgage rates and a cost of living squeeze hit demand and put downward pressure on prices.

Sellers in London and the South East are having to make the biggest adjustments. Across the South East, more than 5,000 properties were sold at a discount last month, accounting for 37pc of sales in the region. A year earlier only 26pc of sales in the South East faced a discount.

The South East is particularly exposed to the downturn because high house prices in relation to earnings mean buyers are more dependent on mortgage borrowing. It is also suffering from a drop in demand after the end of the “race for space”, when people left cities during the pandemic.

Daniel Burstow, at Strutt & Parker estate agents, said: “Compared with the pandemic, we have probably seen at least a 50pc reduction in inquiries on properties.”