This commuter town is the property price-cutting capital of the country

 
Catherine Neilan
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Commuter Trains Are Carrying 40 Per Cent Above Their Passeneger Capacity
Reading is just 30 minutes from the capital (Source: Getty)

The commuter belt around London is home to a growing number of properties having their prices slashed amid a housing wobble - and Reading has been identified as the "property price-cutting capital of the UK".

Around 44 per cent of properties currently for sale in the town, which is on the soon-to-be-completed Crossrail line, have been cut since the ads were placed, according to online estate agents HouseSimple.

That's double the amount it found back in February, when 22.8 per cent of prices had been reduced.

Commuter towns in general - which have seen some of the most extreme jumps in housing valuations - are now experiencing the biggest corrections. The top ten towns or cities with the largest percentage growth in price- reduced properties are all within an hour of central London by train.

Basingstoke is another town to be hit with price cuts. Some 35.6 per cent of properties currently for sale have been reduced in price since they were first marketed, a jump from 19.1 per cent in February.

It's a growing trend across the country. Over a third (33.5 per cent) of homes for sale in the 100-plus major UK towns and cities have been reduced in price since they were first marketed.

But the problem is particularly acute in the south and south east, where 11 of the 20 biggest increases have occurred. Of the 20 towns where the proportion of prices being cut has fallen, 14 are in the north or Scotland.

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