In an environment fraught with economic uncertainties and heightened mortgage rates, the property market in England and Wales has shown remarkable resilience. According to recent analysis by GetAgent.co.uk, homes across these regions have sold for 96.7% of their asking price in the latter half of 2023, experiencing a slight dip of just 0.5% from the first six months of the year. This data, compiled from a comparison of original asking prices against final sale prices recorded by the Land Registry, provides a nuanced view of the market’s health during a period of volatility.
Regional Highlights
The North East emerged as the standout region, with properties fetching 97.5% of the asking price, leading the pack in terms of achieving close to the listed value. Not far behind, the North West and Yorkshire and the Humber regions also showcased strong performances, with properties selling for 97.4% and 97.3% of the asking price, respectively. The West Midlands followed closely, with homes there achieving 97% of their initial asking prices on average.
Conversely, Wales found itself at the opposite end of the spectrum, albeit still managing to secure 95.7% of the asking price, the lowest across all surveyed regions. London’s property market, meanwhile, maintained its ground, with the average home selling for 96.5% of the asking price, showing no decline in the latter half of the year.
Challenges and Adaptations
The East Midlands witnessed the most significant reduction in asking price achievement, with a decrease of 0.9%. Despite these regional variations, the overall market’s ability to stay close to asking prices reflects the adaptability and effort of estate agents nationwide.
Colby Short, Co-founder and CEO of GetAgent.co.uk, commented on the findings, highlighting the importance of managing vendor expectations in difficult market conditions. Short praised the estate agents’ determination and skill in navigating the challenging landscape, emphasizing that the high percentage of asking prices achieved is a clear indicator of their success. He also expressed optimism for the coming year, anticipating that demand improvements could lead to even closer alignments between asking and selling prices.
The resilience of the property market, as demonstrated by these findings, showcases the robustness of estate agents’ strategies and the enduring appeal of homes in England and Wales, even amidst economic turbulence.
