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Sellers Reduce Real Estate Offers By Average £ 11,000

Despite the pandemic real estate boom, homes sold at an average price of £ 11,000 below the asking price over the past year, new research reveals.

Significant reductions have been seen in some areas, with certain high-value zip codes reaching large six-digit amounts, making it impossible to ask for prices.

London The SW3 zip code in the capital, including parts of Chelsea and Knightsbridge, was hit hardest by the need to lower the seller’s initial expectations. price.

In contrast, the lowest reduction is Birmingham The zip code is B37 and the average price drop is only £ 2,030, or 1.07% on average.

According to the survey, the capital zip code SW3 showed an average reduction of 145,480.

A House Group Property Solvers study tracked a sample of 72,982 real estate transactions from October 2020 to October 2021 and found the average difference between Rightmove’s asking price and the actual selling price submitted to the land registry. I found.

Finding the region with the highest price discounts in the UK required an average of at least 15 real estate sales for each zip code (to avoid biased results in low-volume regions).

Nine out of ten zip codes that had the largest reduction in asking prices were in London.

Average home prices in London remain much higher than in other countries, but have fallen in some areas as buyers work remotely in search of more space during a pandemic.

The only zip code in the top 10 outside London is Henley-on-Thames RG9, which has reduced its asking price by an average of £ 78,490 over the past year.

The regions with the least declines in asking prices over the same period include Bradford, Wigan, Doncaster and York.

Areas where there is the largest gap between the asking price and the selling price
Zip code (area) Average asking price Average selling price Average price difference Average price% Number of properties
SW3 (London) £ 2,720,769 £ 2,575,289 -£ 145,480 -5.49% 26
W8 (London) £ 3,391,818 £ 3,248,738 -£ 143,080 -4.31% twenty two
SW13 (London) £ 1,445,208 £ 1,359,694 -£ 85,514 -6.10% twenty four
NW7 (London) £ 1,143,701 £ 1,060,203 -£ 83,498 -7.58% 37
NW3 (London) £ 1,992,965 £ 1,910,578 -£ 82,387 -4.22% 32
W14 (London) £ 1,245,192 £ 1,165,404 -£ 79,788 -6.62% 26
RG9 (Henley on Thames) £ 913,750 £ 834,83 ​​2 -£ 78,918 -9.03% 40
W2 (London) £ 1,597,847 £ 1,519,357 -£ 78,490 -5.04% twenty one
E8 (London) £ 953,055 £ 877,083 -£ 75,972 -8.30% 18
SW4 (London) £ 1,211,488 £ 1,140,979 -£ 70,509 -5.99% 46
Source: Property Solver
Houses are selling at an average price of £ 11,000 below the asking price over the past year, according to a new survey.

Houses are selling at an average price of £ 11,000 below the asking price over the past year, according to a new survey.

A realtor in northern London said the numbers were interesting because they highlighted a “often significant difference” between asking and selling prices.

Jeremy Reef said: ‘As the stamp duty expires, I realized that in some cases buyers and sellers would have to negotiate even harder to take advantage of significant savings.

‘The report also allows buyers and sellers alike when considering pricing on popular portals such as Rightmove, as well as final selling prices that appear slightly delayed on the Land Registry website. It shows the importance of trying to establish value in.

“These differences may reflect the need to renegotiate previously agreed prices, especially after investigation reports in older homes have identified defects.”

Area where the gap between the asking price and the selling price is the smallest
Zip code (area) Average asking price Average selling price Average price difference Average price% Number of properties
B37 (Birmingham) £ 190,709 £ 188,679 -£ 2,030 -1.07% twenty one
BD3 (Bradford) £ 118,000 £ 115,907 -£ 2,093 -1.79% 16
CH6 (bagillt & flint) £ 148,906 £ 146,775 -£ 2,131 -1.44% 16
DA2 (Dartford) £ 436,111 £ 433,917 -£ 2,194 -0.50% 18
WN3 (Wigan) £ 167,303 £ 165,019 -£ 2,284 -1.37% 26
L30 (bootle) £ 121,556 £ 119,181 -£ 2,375 -1.97% 16
DN7 (Doncaster) £ 149,033 £ 146,648 -£ 2,385 -1.61% 27
DE1 (Derby) £ 202,932 £ 200,530 -£ 2,402 -1.19% 17
YO41 (York) £ 340,250 £ 337,813 -£ 2,437 -0.72% 16
WF16 (Heckmondwike) £ 146,283 £ 143,780 -£ 2,503 -1.73% 15
Source: Property Solver

Ruban Selvanayagam said:

“There is also widespread evidence that surveyors underestimate real estate that is inconsistent with reality, which means that real estate is sold at a lower price than the original realtor’s estimate.

Of course, it’s all relative. For more expensive properties, the price difference is likely to be large. Still, when making a purchase, it’s worth seeing how much the price has been reduced in your area.

Buyers can search for how prices are falling in the search area of ​​their choice. Selling price difference tool to ask poetry..

Selvanayagam added:

Tim Banister of Rightmove said:

“The biggest difference is often in the more premium end, which can give sellers more flexibility in the ultimate value they are willing to receive. Also, the land registry and Scotland. Track up-to-date selling price information from our registry office and make it available to buyers and sellers.

Sellers Reduce Real Estate Offers By Average £ 11,000

Source link Sellers Reduce Real Estate Offers By Average £ 11,000

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