Property agent slashes asking prices for pubs

The downturn in the property market has been highlighted by an agent slashing the prices of dozens of pubs on its books.

Paramount Investments, which in the past has bought and sold pubs for the likes of Punch Taverns and Admiral Taverns, has revealed it has slashed the asking prices of around 130 pubs, some by up to 50 per cent.

The agent said it had also taken around 100 pubs from an unnamed seller - though it is believed to be Admiral Taverns - with many being sold at "massively reduced prices".

The 100 new pubs came on to the market last week. Thirteen of them carry freehold price-tags of £115,000 or less - with one Caerffili (Caerphilly) pub on offer at a staggeringly low £50,000 (freehold).

They are located all over England and Wales.

As well as some startlingly low-priced pubs, 11 on the list are for sale at £400,000 or more, including an Essex pub for sale at £525,000. Some of them are Grade II Listed local landmarks.

The list reveals a stark North-South divide - all of the 13 bargain basement pubs come from the North of England, or from Wales. Eight of the 11 higher-priced pubs come from London or the South East.

Of the 130 pubs already been on its books two carry a freehold price-tag of £55,000 or less - with one Oldham pub being offered for as little as £50,000.

Paramount managing director Mark Greig said: "There are some truly staggering bargains out there at the moment for the right kind of licensee or entrepreneur."