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The phrase "a third less than" is correct and usable in written English.
It can be used when comparing quantities to indicate that one quantity is reduced by one-third of another quantity.
Example: "The new model costs a third less than the previous version."
Alternatives: "one-third lower than" or "33% less than".
Exact(56)
They're going to pay the semis a third less than the amount they pay a spark.
And the prices are about a third less than last year's, hovering around $7 a gram.
Start with energy, for which Argentines still pay a third less than their neighbours.
That is a third less than the $19.4 billion it has approved so far this year.
That is still about a third less than peak prices in 1991.
That is a third less than those families were able to afford three months before that.
And a coffee at Tim Hortons costs about a third less than at Starbucks.
That valuation is a third less than the face amount of Station's senior debt.
In 2012, Germans drank 107.2 litres a head – about a third less than in 1976.
He is being paid a third less than he used to make.
Similar(1)
Commercials were limited to 13 minutes and 40 seconds each hour, a third less than the competition had.
More suggestions(2)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com