Widest Asking vs. Sold House Price Differences Revealed (England, Wales and Scotland)
Professional house buying firm Property Solvers has revealed the areas in England, Wales and Scotland where home sellers have been reducing their prices the most.
Tracking 89,582 property transactions between June 2018 and June 2019, the monthly updated local house market insights tool shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.
The data monitors the entire house sale process from initial listing, viewings, negotiations, offers, agreement through to the survey process, conveyancing, exchange and finally completion.
The latest data outlined in [THE TABLE] shows the top 20 regions with the widest disparities.
Leading the pack are South West and North West London where sellers are accepting whopping asking price drops averaging at £82,721.
Ruban Selvanayagam, co-founder of Property Solvers, commented: “whilst it’s logical to expect a bit of ‘wiggle room’, its increasingly evident that something is amiss in the marketplace and properties are getting overpriced at the marketing stage.”
“Bar Inverness, all of the top 20 largest gaps between asking and selling prices are in Greater London and surroundings. This clearly demonstrates that a certain level of realism regarding selling conditions has yet to filter through to the market.”
“It's common knowledge in the industry that estate agents frequently provide prospective home sellers with an over-hyped valuation to win instructions. In many cases, this leads to homes lingering on the market for much longer than they should.”
So what can homeowners do?
“We always suggest looking at widely available online data from HM Land Registry which tracks the prices properties are sold for and not what they are marketed for. On Rightmove, for example, you can often see previous listings on yours and surrounding streets to see how your property compares.”
Selvanayagam concludes: “This tool will be updated on a monthly basis so sellers can see what’s happening in their own postcode in real time.”
(1) Users can access specific information on asking vs. sold prices (alongside the time properties take to sell from listing to completion) at a postcode level via the following link: https://www.propertysolvers.co.uk/local-house-market-insights/
(2) A ‘do-follow’ backlink to the tool itself would be very much appreciated!
(3) We are more than happy to extrapolate a range of back end data using this tool anywhere in the UK. Please email firstname.lastname@example.org;
(4) The table can be branded in line with your publications’ own requirements;
(5) The data will next be updated on 1st July 2019;
(6) The co-founders at Property Solvers (James Durr and Ruban Selvanayagam) have over 16 years experience in the property buying, selling and rental space and are available for comment. See our about page for more information regarding our data collection methodology.