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Average property is sold for 3.86 per cent under the asking price... down 0.32 per cent year-on-year

1st December 2017

  • Homes in the South East currently sell closest to the asking price – just 3.06 per cent below
  • Homes in Wales sell furthest from the asking price – at 5.87 per cent below
  • Difference between average asking and sold price has increased by 0.32 per cent year-on-year
  • The average property in England and Wales is sold for 3.86 per cent under the asking price, according to new data from Zoopla.

    Zoopla analysed the asking prices and eventual sold prices of properties in England and Wales and compared the results year-on-year. The analysis revealed that sale values are slipping further from the asking price, with vendors currently securing 0.32 per cent less on the final sale value compared to the previous period.

    Regional snapshot

    Regionally, properties in the notoriously expensive South East of England are selling closest to the asking price – just 3.06 per cent below. This is followed by the East of England (3.16 per cent below) and the West Midlands (3.35 per cent below).

    Vendors in Wales, however, are securing lower final sale values, with properties in the country selling for 5.87 per cent under the asking price – the largest gap across all the regions analysed. This is followed by the North East of England (with a difference of 5.53 per cent) and the North West of England (a difference of 4.46 per cent).

    Regional year-on-year comparison

    Year-on-year, properties in Yorkshire and the Humber have performed the best in terms of closing the gap between the asking and sale prices. The difference between the two figures decreased by 0.54 per cent (from 4.88 per cent to 4.34 per cent). Despite homes in Wales currently selling the furthest from the asking price, the region made headway in reducing the difference year-on-year. Wales was joint second alongside the West Midlands, with homes selling 0.46 per cent closer to the asking price compared to the previous period.

    Meanwhile, the capital tells a different story. Last year, the average home in London sold for just 1.96 per cent under the asking price, whereas vendors selling their property this year are only managing to secure an average sale value of 4.09 per cent under the asking price (a drop of 2.13 per cent year-on-year).

    Local snapshot

    At a more local level, properties in the popular ‘second city’ of Bristol are selling closest to their original asking price over the past 12 months – just 1.9 per cent under. Sheffield and Coventry followed with the average home in the area selling 2.07 per cent and 2.09 per cent under asking respectively.

    At the other end of the table, homes in the Yorkshire city of Bradford currently sell the most under the asking price (6.32 per cent), followed by Lancashire’s Preston (6.24 per cent) and Wales’ Swansea (5.87 per cent).

    Local year-on-year comparison

    The northern cities of Hull and Liverpool were the most successful at narrowing the gap between asking price and sale value. Year-on-year, both cities reduced the difference by one per cent, meaning that this year homes in Hull are selling for 4.08 per cent beneath asking price and Liverpool 3.77 per cent under. Homes in the commuter belt town of Reading saw the biggest increase in the gap (1.68 per cent) taking the average eventual sale price to 2.42 per cent under asking (compared to 0.74 per cent the previous year).

    Lawrence Hall, spokesperson for Zoopla, comments: “It’s perhaps unsurprising that properties in the south of the country are currently selling closest to their original asking price, as demand for properties in the capital and its surrounding commuter belt remains high. Though it is 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 the capital.”

    Rank

    Region

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

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

    YoY difference

    1

    South East England

    3.06%

    2.22%

    0.83%

    2

    East of England

    3.16%

    2.40%

    0.76%

    3

    West Midlands

    3.35%

    3.80%

    -0.46%

    4

    South West England

    3.59%

    3.46%

    0.13%

    5

    East Midlands

    3.79%

    4.01%

    -0.22%

    6

    London

    4.09%

    1.96%

    2.13%

    7

    Yorkshire and The Humber

    4.34%

    4.88%

    -0.54%

    8

    North West England

    4.46%

    4.91%

    -0.45%

    9

    North East England

    5.53%

    5.72%

    -0.19%

    10

    Wales

    5.87%

    6.33%

    -0.46%

    -ENDS-

    Regional overview ranked by difference between original asking price and eventual sale price in the last 12 months

     

     

     

     

    Top 10 towns ranked by smallest difference between original asking price and eventual sale price in the last 12 months

                      

    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%

    Source: Zoopla November 2017

     

     

    Bottom 10 towns ranked by largest difference between original asking price and eventual sale price in the last 12 months          

     

    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: Zoopla November 2017

     

    - Ends -

    For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

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