Properties selling for 95.8% of initial price expectation

The latest data release from GetAgent.co.uk, has revealed how the property market in England and Wales has performed over the last year when it comes to the percentage of asking price being achieved.

GetAgent’s data shows that nationally, home sellers have secured 95.8% of their initial price expectation, with the average home selling for £13,303 below the original asking price of £319,789.

The best place to be a home seller?

Of course, some pockets of the property market have performed much better. In Sheffield, home sellers have achieved 99.2% of their original asking price, the best price achieved of all areas of England and Wales.

Bradford (98.6%), Salford (98.5%), Trafford (98.4%) and Manchester (98.2%) join Sheffield as some of the best areas for asking price achieved, with this north-west property corridor seemingly impervious to wider market influences over the last 12 months.

Torfaen, Nottingham, Redditch, Rugby, Wigan, Bury, Dartford, Cardiff, Rushcliffe and Gedling also place as some of the best markets to have been a home seller in the last year.

The biggest reductions in asking price

At the other end of the table, Gwynedd and Westminster have both seen the average home sell for just 92.5% of asking price in the last year. However, with both markets home to considerably different property values, this equates to a £15,135 reduction on the average property in Gwynedd, while in Westminster it means a far higher discount of £71,436.

Camden (93.1%), Kensington and Chelsea (93.1%) and Blackpool (93.5%) have also seen some of the lowest percentages of asking price achieved.

The biggest monetary reductions 

As already mentioned, the same percentage reduction in asking can mean very different things in different areas of the property market.

Where the biggest monetary reduction in asking prices are concerned, the 15 largest are almost all located in London and the south.

Kensington and Chelsea ranks top with home buyers paying £87,408 less than the original asking price, followed by Westminster (£71,436) and Camden (£54,643)

Chiltern, Elmbridge, City of London, Barnet, Islington, Guildford, Hertsmere, Runnymede, Hillingdon, Richmond, Wandsworth and Hammersmith and Fulham also rank within the top 15 largest monetary property reductions in asking price; with home sellers selling at a discount of between £30,000 to £37,474.

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“It’s been a pretty turbulent time for buyers and sellers across the property market over the last year, in particular. For those home sellers that did brave it and decided to sell, the vast majority have managed to secure a very good percentage of asking price.

Even in the worst-performing areas, 92% is no kick in the teeth and demonstrates that even in much tougher periods property is still a very stable investment.

Of course, the reality of this reduction is very different across the likes of Gwynedd and Westminster when you consider the actual monetary reduction. Those in the more expensive pockets of the market will have seen a far greater sum wiped from their asking price for even the more marginal percentage reduction.

However, the flip side is that they are selling for hundreds of thousands of pounds more and so they’ve still managed to do alright.

With buyer demand now flooding the market, the pendulum should shift back towards the seller and we should see the asking price achieved breach the 100% mark in a number of areas once again.”

• Data on the average percentage of asking price achieved sourced from GetAgent.co.uk
• Asking price by area sourced from PropertyData
• GetAgent pulls data from all of the major portals which are then cross-referenced with the Land Registry using their proprietary algorithms and input from partner agents.

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