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Will Asking Prices Lower?

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Fri 26 Nov 2021

Will Asking Prices Lower?

With demand for homes being so high of late, it is no surprise that asking prices have risen. There has been significant demand for houses, and many vendors know buyers are willing to pay over the odds.

We have seen this at Coakley & Theaker, and it is also something that has been found nationally.

A study undertaken by MoveStreets highlights the following points:

  • The average asking price on major property portals stands at £296,950

  • The average sales price stands at £258,464

  • This means there is a gap of 13% or £38,486 when it comes to asking prices versus sales prices

Regional variations exist when it comes to overpricing

As you would expect, there is a bigger gap in London!

  • The average asking price stands at £833,944

  • The average sales price is £494,673

  • This is a difference of 41%, or £339,321

We all know the London housing market is expensive, and not as good value for money as many other parts of the country. This is something we are more than happy to discuss, and if you are looking for value for money in the housing market, Coakley & Theaker is here to assist you.

Other gaps across the country are as follows:

  • The South West, there is a difference of 24% between asking price and sales price

  • The South East features a difference of 23% between asking and sales price

  • In Wales, the difference between asking and sales price is 21%

  • In the East Midlands, there is a gap of 21% between the asking and sales price

  • For the North East, the gap between asking and sales price is 21%

  • In the West Midlands and the North West, there is a gap of 20% between the asking and sales price

  • Scotland stands apart, with the gap between asking and sales price standing at 4%

Adam Kamani, CEO and Co-Founder of MoveStreets, commented: “We’ve seen an incredibly hot market of late and despite the end of the stamp duty holiday, high levels of buyer demand and low levels of available stock continue to see properties fly off the shelf at pace and for a very good price. However, it’s clear that even in current conditions, many sellers are listing their homes at an over-optimistic price point, no doubt in an attempt to take advantage of the market boom.”

Adam Kamani concluded by saying; “This can be detrimental to your sale regardless of how the market is performing and can result in months of little to no interest in your home. It’s the responsibility of the listing agent to guide sellers and set these expectations. While some will value a home at a higher price point to win business, a difference of ten to hundreds of thousand pounds above market value is perhaps a little too far.”

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.