Your view on asking prices will depend on whether you’re a homeowner who’s selling up, or a buyer looking for a bargain. While the asking price sets out what any homeowner is hoping to sell their house for, chances are the final sale could be a different figure. But new research has revealed how the negotiations are affected by your postcode.
Torfaen, Nottingham, Redditch, Rugby, Wigan, Bury, Dartford, Cardiff, Rushcliffe and Gedling also proved to be some of the best markets to sell your home in the last year.
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.”
In fact, the research shows that even at the lowest end of the scale, sellers were achieving 92 percent of the asking price they’d hoped for.
The high asking prices of London and southern properties proved to be the least likely to be achieved, with Kensington and Chelsea seeing the biggest drop.
Home buyers paid an average of £87,408 less than the original asking price in the prestigious area, 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 ranked within the top 15 in terms of the largest monetary reductions, with buyers getting a discount of between £30,000 to £37,474.
However, the property experts believe this is all set to change after months of pent-up demand in the lockdown.
The housing market has shown an impressive recovery in recent weeks, with house prices seemingly back up after the initial lockdown posed concerns of a crash.
“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 percent mark in a number of areas once again,” noted Short.