Ask And You Shall Receive

Home sellers are achieving 96% of asking price in some areas in England and Wales with research looking at postcodes revealing which locations receive more than the price advertised.

Overall, across England and Wales, sellers are currently securing an average of 95.94% of asking price on their property, with just 0.8% of postcodes achieving the asking price or higher, according to the study from estate agent comparison website GetAgent.

It is S7 postcodes in Sheffield where properties are the most profitable with properties typically selling for 104.09% of the average asking price of £295,862. In the city S11 is 102.19%, S8 at 101.36%, S10 at 100.58% and S2 at 100.35%.

The only other cities with similar levels are DA1 in Dartford at 102.67% of the average £300,448 asking price, followed by DA8 in Bexley at 101.39%, M6 in Salford at 101.29%, RM3 in Havering at 101.09% and S18 in North East Derbyshire at 100.34%.

Meanwhile, despite many signs that the market in prime central London is bouncing back, Kensington and Chelsea is currently the worst area in England and Wales for home sellers when it comes to price achieved, as homes in the SW10 postcode achieved 89.33% of the average asking price of £1,886,212.

This was followed by SW1V in Westminster at 89.81% of the typical asking price of £1,324,206, then NW8 in Camden at 90% of the £2,210,888 average asking price and then W11 in Kensington and Chelsea at 90.09% of the typical asking price of £2,447,446 and WW13 in Richmond upon Thames at 90.53 of the £1,411,109 average asking price.

LA18 in Copeland is the only area outside of London to make the top 10 worst, as home sellers achieved 90.95% of the average asking price. However at £126,596 this loss is much lower than the other entries on the list of worst areas.

According to Colby Short, chief executive officer of GetAgent, it would appear to rather tough conditions with less than 1% of postcodes in England and Wales achieving asking price or above.

“However, given the position we currently find ourselves in, with Brexit still dragging on and many having predicted the complete downfall of the market, it’s perhaps not as gloomy as we’ve been led to believe. The vast majority of those looking to sell are still securing upwards of 95% of their price expectations,” he said.

Images: Hill House Interiors