The average home in England and Wales now sells for very nearly four per cent under its original asking price – a gap that is larger than this time last year.
Research by Zoopla shows that current sale prices are on average 3.86 per cent less than asking prices – that’s around £10,623 in cash terms – and that this asking-to-selling price gap is 0.32 per cent bigger than last year.
Homes in the south east currently sell closest to the asking price – just a 3.06 per cent reduction – while homes in Wales are typically 5.87 per cent below.
London sellers are typically reducing prices by 4.09 before they clinch a deal – close to the UK-average but a much bigger gap than the 1.96 per cent recorded last year.
“It’s unsurprising that properties in the south are currently selling closest to their original asking price, as demand for homes in the capital and its surrounding commuter belt remains high. However, it’s interesting to note that these same areas are the ones that have seen sale values slip furthest from the asking price over the past year, which is perhaps reflective of a slight slowdown in market activity in and around London” says Zoopla spokesman Lawrence Hall.
Here is the percentage difference between sellers’ asking prices and selling prices by region over the past year, according to Zoopla. Regions are ranked from the smallest percentage gap to the biggest:
1. South East England, 3.06%
2. East of England, 3.16%
3. West Midlands, 3.35%
4. South West England, 3.59%
5. East Midlands, 3.79%
6. London, 4.09%
7. Yorkshire and the Humber, 4.34%
8. North West England, 4.46%
9. North East England, 5.53%
10. Wales, 5.87%