"Far too often people are lured by over optimistic valuations when it comes to selling their homes – but it is often these overvaluations that cause problems"
- Fred Jones, chief operating officer at Upstix
No postcode area in England currently achieves property sales above asking price, with the average percentage of asking price achieved across England now standing at 97%, according to new data from Upstix.
In fact, one in ten home sellers (10%) in England end up settling for a price 5% below their asking price.
The data shows that Preston, Southport and Leyland have seen the highest fall from listed to sold price, with an average drop of 9%.
London in particular fares badly, with six out of the top ten worst performing postcodes made up of London postcodes. The West End, Paddington and Marylebone are the Capital’s areas with properties selling at 6.5% below asking price.
The North-South divide is continuing, as Newcastle, Gateshead and Sunderland perform the best with only a 0.7% move from the original asking price of a property.
Fred Jones, chief operating officer at Upstix, commented: “Our data highlights a really important point in your home buying journey – an asking price is only ever that – the price you are asking for and not the price you actually achieve for your property. Far too often people are lured by over optimistic valuations when it comes to selling their homes – but it is often these overvaluations that cause problems such as a lack of interested buyers, long listing times leading to eventually having to reduce the asking price.
“It is really important for sellers to have a realistic view of what price they can achieve within the time frame they want to sell.”
