According to a recent report produced by Zoopla, the average property in England and Wales is selling for nearly £11,000 less than the property’s list price.
Year on year, the final sale figure for properties in England and Wales has fallen 0.32%. Properties in Wales seem to be the most affected, with final sale prices being 5.87% lower than the original price. The North East and north west of England follow closely behind, with properties in both regions selling for more than £9,000 less than the original list price.
The average value of offers accepted on properties across the UK is £10,623 lower than the original asking price. Properties in the South East of England are selling for an amount closest to the asking price at just 0.83% lower. Selling prices in the East of England and the West Midlands are also selling relatively close to the asking price. London properties are selling for 2.13% lower than the asking price, a drop of £24,875.
A spokesperson for Zoopla, Lawrence Hall, stated that it was not surprising that properties in the South were selling for figures close to the original list price, as demand for homes in London and the commuter belt is still high.
As properties are selling for less than the list price, this may be excellent news for anyone looking for a home of their own. To make even further savings, it is advisable to speak to a mortgage advisor who has invested in a CeMAP training course to ensure their knowledge of lenders and products is current.
