House prices: The best place to sell a home for the full asking price – and where to buy
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Your view on asking prices will depend on whether you’re a homeowner who’s selling up, or a buyer looking for a bargain. While the asking price sets out what any homeowner is hoping to sell their house for, chances are the final sale could be a different figure. But new research has revealed how the negotiations are affected by your postcode.
The latest data from estate agent comparison site GetAgent.co.uk, has analysed how the property market in England and Wales has performed over the last year.
The research has looked at the percentage of asking prices that’s being achieved in both areas.
The surprising results give an indication of where buyers will be able to haggle for a better deal – and where homeowners will be most happy with the final numbers.
GetAgent’s data shows that overall, sellers have secured 95.8 percent of their initial price expectation, with the average home selling for £13,303 below the original asking price of £319,789.
However, certain areas have performed much better for those wanting to settle for no less than their asking price.
Sheffield took the top spot as the best place to sell a home in terms of getting the full amount.
Sellers in the city achieved 99.2 percent of their original asking price, the best price achieved of all areas of England and Wales.
Bradford (98.6 percent), Salford (98.5 percent), Trafford (98.4 percent) and Manchester (98.2 percent) were not far behind the leading city.
The results suggest the north-west seems to be a safe bet if you’re planning to sell up.
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Torfaen, Nottingham, Redditch, Rugby, Wigan, Bury, Dartford, Cardiff, Rushcliffe and Gedling also proved to be some of the best markets to sell your home in the last year.
Founder and CEO of GetAgent.co.uk, Colby Short, commented: “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.”
In fact, the research shows that even at the lowest end of the scale, sellers were achieving 92 percent of the asking price they’d hoped for.
“Even in the worst-performing areas, 92 percent is no kick in the teeth and demonstrates that even in much tougher periods property is still a very stable investment,” added Short.
However, while a percentage sounds good on paper, it can make a huge difference depending where you sell.
“Of course, the reality of this reduction is very different across the likes of Gwynedd and Westminster when you consider the actual monetary reduction,” admitted Short.
“Those in the more expensive pockets of the market will have seen a far greater sum wiped from their asking price for even the more marginal percentage reduction.
“However, the flip side is that they are selling for hundreds of thousands of pounds more and so they’ve still managed to do all right.”
The high asking prices of London and southern properties proved to be the least likely to be achieved, with Kensington and Chelsea seeing the biggest drop.
Home buyers paid an average of £87,408 less than the original asking price in the prestigious area, followed by Westminster (£71,436) and Camden (£54,643).
Chiltern, Elmbridge, City of London, Barnet, Islington, Guildford, Hertsmere, Runnymede, Hillingdon, Richmond, Wandsworth and Hammersmith and Fulham also ranked within the top 15 in terms of the largest monetary reductions, with buyers getting a discount of between £30,000 to £37,474.
However, the property experts believe this is all set to change after months of pent-up demand in the lockdown.
The housing market has shown an impressive recovery in recent weeks, with house prices seemingly back up after the initial lockdown posed concerns of a crash.
“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 percent mark in a number of areas once again,” noted Short.
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