The latest data published by estate agent comparison site, GetAgent.co.uk, indicates that over the past year, the average home seller across England and Wales has attained 99.7% of their asking price, a 1.2% increase compared to the previous 12 months. In certain areas, sellers have managed to achieve as much as 110% of their original asking price.
GetAgent evaluates the percentage of asking price accomplished for sales in each postcode of England and Wales by comparing the original listing price to the final sale price.
The recent research reveals that within the past year, home sellers across England and Wales have obtained 99.7% of their original asking price, up 1.2% from the 98.5% achieved in the preceding 12 months.
Top Postcodes for Asking Price Achievement
The CA9 postcode of Eden is currently the leading location for home sellers, with an average achievement of 110% of their original asking price over the past year. Sheffield’s S7, S6, and S11 postcodes have seen sellers obtain 107.4% and 107.2% of asking price respectively, while Northumberland’s NE68 postcode ranks among the top 5 with an average of 106.6% of asking price achieved.
Greatest Increase in Asking Price Achievement
Eden’s CA9 postcode has also experienced the most significant increase in the percentage of asking price achieved over the past year, with a 13.9% rise. Other notable postcodes 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%).
Largest Decline in Asking Price Achievement
However, not all sellers have experienced favourable outcomes, with some postcodes witnessing a decrease in the percentage of asking price achieved. The most significant drop occurred in Westminster’s SW1H postcode, where sellers have obtained 82.3% of their asking price in the past year, down from 93.4% in the previous year, marking an 11.1% reduction. Liverpool’s L2 postcode has seen a 9.1% decrease, while Gwynedd’s LL37 postcode has experienced an 8.6% reduction.
Colby Short, Co-founder and CEO of GetAgent.co.uk, commented on the current situation:
“Home sellers have faced a challenging period of adjustment in recent months, as the heat of the pandemic market boom has subsided and rising interest rates have dampened the enthusiasm of the nation’s homebuyers.
While there has been a decrease in the overall price achieved, it appears that most sellers are pricing their properties appropriately for current market conditions and are being rewarded with a higher percentage of asking price achieved.
The property market’s fragmented nature means that asking price performance varies considerably from one postcode to another. While some areas have experienced an increase, sellers in other postcodes are achieving a significantly lower proportion of their original asking price compared to a year ago.
Westminster provides a prime example of this property market diversity, with one of the borough’s postcodes featuring in the top 10 largest increases in asking price achieved, while another tops the table for the largest decline.”
