Home Breaking News Revealed! Where agents sold homes above asking price …

Revealed! Where agents sold homes above asking price …

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Agents helped vendors sell homes at 97.9% of asking price on average last year, research claims.

Analysis of portal and Land Registry data by agency comparison website GetAgent found just one area of the market saw buyers pay above and beyond the original listing price. 

The best regions for asking price performance were in the south west, north west, east of England and Yorkshire, where sellers netted 98.2% of their asking price, the data suggests.

London was home to the lowest percentage of asking price achieved at 95.9%. 

When breaking the market down on a more granular level, home sellers in Sheffield achieved 101.4% of asking price, making it the best performing area of the property market from a sellers point of view.

In Waltham Forest and Gravesham sellers achieved 99.9%, while this fell slightly to 99.8% in Liverpool and Stevenage.

In Redditch, 99.7% of asking price was achieved on average, with sellers in Tameside, north east Derbyshire and Nottingham securing 99.5%.

The worst performing area of the market was the City of London, where buyers stumped up just 89% of asking price, the only area to fall below the 90% threshold.

London also accounted for the majority of other areas to have seen the worst asking price performance in 2021, with Hambleton, Runnymede (95.5%) and Copeland the only areas outside of London to make the top 10. 

Colby Short, chief executive of GetAgent, said: “It’s very much a seller’s market at present, as buyers continue to enter the market at mass and fight it out for limited levels of available stock. 

“That doesn’t necessarily mean that they’re prepared to pay above the odds to secure a home and just one area of the market has seen the average seller achieve above asking price in 2021. 

“However, what we’ve certainly seen is the traditional practice of negotiating the price down all but vanish, as buyers pay very close to the original asking price right off the bat in order to secure a purchase. 

“With interest rates climbing along with the cost of living, we could see this start to subside in 2022 as buyers can’t quite pack the same financial punch and this will inevitably lead to a reduction in the level of asking price achieved.”

https://www.estateagenttoday.co.uk/breaking-news/2022/5/revealed-where-agents-sold-homes-above-asking-price-last-year