0:04 AM, 5th May 2023, About 10 months ago
Research shows that 99.7% of home sellers in England and Wales managed to achieve their home’s asking price over the past 12 months, on average – and some have sold for 110%.
The findings from GetAgent highlight that a year ago, 98.5% of sellers achieved the asking price.
The firm also found that the best postcode for home sellers is CA9 in Eden which hit the 110% figure of the original asking price.
The postcode also recorded the biggest increase in percentage terms of the asking price achieved over the last 12 months, with a 13.9% increase.
Colby Short, the co-founder and CEO of GetAgent, said: “It’s been a tricky period of adjustment for home sellers in recent months, as the heat of the pandemic market boom has faded and increasing interest rates have stifled the appetites of the nation’s homebuyers.
“But while we may have seen a reduction in the top line price achieved, it would seem as though, for the most part, those looking to sell are pricing appropriately for current market conditions and being rewarded with a higher percentage of asking price achieved.”
He added: “Of course, the fragmented nature of the property market means that asking price performance does differ drastically from one postcode to the next and while some areas have seen an increase, sellers in other postcodes are achieving a far lower proportion of their original asking price versus a year ago.
“You’d need only look at Westminster for a prime example of this property market diversity, with one of the borough’s postcodes ranking in the top 10 largest increases in asking price achieved, while another tops the table for the largest decline.”
However, the data shows it’s not all good news for home sellers as some postcodes saw a big reduction in the percentage of the asking price being achieved.
The biggest drop was seen in Westminster’s SW1H postcode, where sellers have achieved 82.3% of the asking price, versus 93.4% over the previous 12 months – that’s a fall of 11.1%.
GetAgent monitors the percentage of the asking price achieved for sales across every postcode in England and Wales, based on the original property listing price, versus the price achieved upon completion.
Other postcodes that performed strongly include Sheffield’s S7, S6 and S11 where sellers achieved 107.4% and 107.2% of the asking price respectively.
Northumberland’s NE68 postcode also makes the top five with 106.6% of the asking price achieved on average.
Other postcodes where home sellers are achieving the highest increases in asking price include Westminster’s W1D (+11.4%), Camden’s WC1R (+9.7%), EC4Y in the City of London (+8.3%) and LD4 in Llandrindod Wells (+8.2%).
Areas that saw a reduction in the asking price include Liverpool’s L2 postcode with a 9.1% reduction, and in the LL37 postcode of Gwynedd which saw one of the largest reductions at -8.6%.