Top end homes sell for less than asking price

August 19, 2017 by Brendan O'Neill

House Prices

Research shows that in order to secure a sale, owners of top end homes have to reduce the asking price by around £250,000.

The study, by EstateAgent4Me, shows that homes which are selling for £2 million and above are, on average, sold at £296,000 lower than the asking price. Homes which are in the bracket between £1.75 million to £2 million, across England and Wales, are sold at £225,775 less than the asking price. The analysis shows that properties which are in the middle of the market, around £300,000, are likely to sell for an average of £9,000 lower. The research found that properties in the lower price bracket, those up to £125,000 are likely to sell for £7,000 less.

The study used data from the first six months of 2017, with information from the Land Registry and thousands of estate agents across the country. A free tool on the HomeOwners Alliance website, a website for homeowners, was used to compile the report. The chief executive of HomeOwners Alliance, Paula Higgins, said that the top end of the property market was offering some steep discounts, with significant amounts being knocked off property prices.

Despite the discounts on asking prices, and the fact that house prices continue to increase, it can still be difficult to find an affordable mortgage. Mortgage advisors, who are professionally qualified after taking a CeMAP course, can help to locate the most suitable mortgage deal for an individual’s circumstances.