Sellers in England and Wales are getting a little less cash than they bargained for. But where are the biggest gaps between asking and sold prices?

What’s the latest?

Property sales values are sliding further from asking prices, with the average home in England and Wales now being sold for 3.86% under the price it was originally marketed for.

This is according to Zoopla's latest research, which also revealed that the asking-to-selling price gap is 0.32% bigger than last year.

Homes in the south east currently sell closest to the asking price – just a 3.06% reduction – while homes in Wales sell furthest from their original listed price at 5.87% below the initial figure.

Best and worst places for price expectations

In terms of location, homes in Bristol have been selling closest to their original asking price over the past 12 months – slicing just 1.9% off the listed amount.

That city is followed by Sheffield and Coventry (see top 10 post town table below), where average homes are selling for 2.07% and 2.09% less than the original price, respectively.

At the bottom end of the rankings (see table below), homes in the Yorkshire city of Bradford sell for the most reduced price, with 6.32% sliced off the asking price by the time sales go through.

It's followed by Lancashire’s Preston (6.24%) and Swansea (5.87%), in Wales.Above: In the market town of Bala, Gwynedd in Wales, this five-bedroom detached house is for sale for £315,000

What about London?

Vendors in the capital are now securing an average sold price of 4.09% under the asking price – this is close to the UK-average disparity but a much bigger gap than the 1.96% recorded last year.

Why is this happening?

Lawrence Hall, spokesperson for Zoopla, said: “It’s unsurprising that properties in the south of the country 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.”

A separate study from Hometrack UK Cities House Price Index – also part of the ZPG family – shows that property prices in the capital are now a record 14.5 times average earnings.

Who does it affect?

Vendors in the south east are most realistic as to what their homes will sell for, with a gap of just 3.06%. They are followed by the East of England where there's an average 3.16% disparity and the west Midlands, with a 3.35% reduction.

And at the bottom end of Zoopla's table, Wales is last in tenth place with the north west and north east of England placed eighth and ninth, recording asking-to-sale price differences of 5.53% and 4.46% respectively.

Things are improving the most in Yorkshire and the Humber, where the gap has closed the most – 0.54% over the last year to a current 4.34%.Above: On the market for £155,000 in Barnsley, south Yorkshire, is this three-bedroom semi-detached house

Which post towns have the smallest gaps between asking and selling prices?               

Rank

Post town

Difference between sold price and highest asking price (Aug 16 - Sep 17)

Difference between sold price and highest asking price (Aug 15 - Sep 16)

YoY difference

1

Bristol

1.90%

1.03%

0.87%

2

Sheffield

2.07%

2.37%

-0.30%

3

Coventry

2.09%

2.41%

-0.32%

4

Reading

2.42%

0.74%

1.68%

5

Birmingham

2.63%

3.42%

-0.79%

6

Manchester

2.76%

3.37%

-0.61%

7

Southampton

2.95%

2.57%

0.38%

8

Northampton

3.06%

2.86%

0.20%

9

York

3.14%

2.92%

0.22%

10

Norwich

3.14%

3.02%

0.12%

Which post towns have the biggest gaps between asking and selling prices?    

Rank

Post town

Difference between sold price and highest asking price (Aug 16 - Sep 17)

Difference between sold price and highest asking price (Aug 15 - Sep 16)

YoY difference

1

Bradford

6.32%

7.01%

-0.70%

2

Preston

6.24%

6.13%

0.11%

3

Swansea

5.87%

6.20%

-0.33%

4

Newcastle Upon Tyne

5.19%

5.50%

-0.31%

5

Bolton

4.92%

5.42%

-0.50%

6

Doncaster

4.78%

5.49%

-0.71%

7

Hull

4.08%

5.08%

-1.00%

8

Derby

4.06%

4.30%

-0.24%

9

Leicester

3.89%

4.21%

-0.32%

10

Plymouth

3.82%

3.96%

-0.14%

Source both tables: Zoopla November 2017

Top 3 takeaways:

  • The average property in England and Wales is sold for 3.86% under the asking price
  • Homes in the south east currently sell closest to the listed price – just 3.06% below
  • Properties in Wales sell furthest from the asking price, at 5.87% less

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