House prices in commuter towns are crashing as homeowners struggle to sell off their properties in some of the most desirable regions in the UK.
The percentage of properties on the market that have been reduced in Reading has doubled since February – only six months ago.
Homeowners are no doubt anxious about the falling value of their property, since a crash as been deemed imminent by some experts.
Over a third of properties currently for sale in more than 100 major UK towns and cities have been reduced in price since they were first marketed.
It is London commuter towns that are feeling the greatest hit to property values – despite the fact that these areas have previously been considered high-value areas and good for investment.
Many experts have tipped areas such as Reading for a property boom after the announcement of Crossrail, however, house prices in the area are falling now.
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.
The top ten towns or cities with the largest percentage of growth in 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 per cent over the past five years. This is no longer the case.
The research found that 44 per cent of properties currently for sale in the Berkshire town has been reduced in price since they were first advertised.
That compares to 22.8 per cent of properties on the market in February 2017 that had a price reduction.
Eleven out of the 20 towns with the biggest drop in value from property were in the south or south east.
Top ten towns where house prices have been reduced:
1. Reading
2. Basingstoke
3. Basildon
4. Chelmsford
5. Woking
6. Winchester
7. High Wycombe
8. Watford
9. Luton
10. Northampton
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