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Editor's Pick

Sellers achieve over 95% of asking price

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
06/08/2020

In one Northern city buyers pay over 99% of asking price while in the capital they can negotiate a 7.5% discount

Home sellers secured 95.8% of their asking price in the last 12 months, according to GetAgent.co.uk.

The estate agent comparison site said the best place to be a home seller is currently Sheffield, where you can agree a sale at an average 99.2% of original asking price.

The North West is home to other high-performing areas, including Bradford (98.6%), Salford (98.5%), Trafford (98.4%) and Manchester (98.2%).

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.

Best place for a bargain

Gwynedd and Westminster are at the other end of the scale, having both seen the average home sell for just 92.5% of asking price in the last year, the lowest.

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 reduction is found in Kensington and Chelsea, with home buyers paying £87,408 less than the original asking price.

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

“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.”