Softening demand sees asking prices 'tested' across England and Wales

There has been a nationwide drop in the percentage of asking price being achieved by home sellers, according to newly released figures.

Related topics:  Finance,  Property,  Asking Prices
Property | Reporter
28th September 2023
For Sale 115
"A notable reduction in homebuyer activity in recent months has finally started to take its toll"
- Colby Short - GetAgent

Estate agent comparison site, GetAgent.co.uk, has found that over the last six months, the average home seller across England and Wales has achieved 97.3% of the asking price - a 2.4% drop versus the previous six months, with every region seeing a decline in the percentage of asking price achieved.

The research looked at the percentage of asking price achieved for sales across each postcode of England and Wales, based on the original price a property was first listed for sale at, versus the price they achieved upon completion.

The latest research shows that over the last six months (Jan to Jun 2023), home sellers across England and Wales have achieved 97.3% of their original asking price, a drop of -2.4% when compared to the previous six months (Jul to Dec 2022).

Every area of England and Wales has seen a decline in this respect, with the greatest reduction seen in Wales where the percentage of asking price achieved has fallen by an average of 3% in the last six months.

The South West has also seen one of the largest reductions at -2.9%, followed by Yorkshire and the Humber (-2.6%), the North West (-2.5%) and the South East (-2.5%).

In terms of the smallest hit to asking price expectations, it’s the capital that has seen the most marginal reduction. London’s sellers have achieved 96.4% of their original asking price over the last six months, a drop of just 1.6% versus the six months prior.

However, London is also the region with the second lowest proportion of asking price achieved at 96.4%, with just Wales seeing sellers secure a lower percentage at 96% on average.

The North East tops the table in this respect, with sellers securing an average of 98.1% of their original asking price over the last six months, albeit this is still -2.4% less than they achieved over the previous six months.

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “It’s quite remarkable that house prices have stood so firm considering such a prolonged period of economic angst, however, a notable reduction in homebuyer activity in recent months has finally started to take its toll.

"This is now showing in the form of a reduction in the asking price percentage being achieved by the nation’s sellers, as they are no longer benefitting from the homebuyer feeding frenzy that drove house prices to record highs during the pandemic market boom.

"At the same time, those who are looking to buy in the current market have had their purchasing power restricted by the increased cost of borrowing and this has also driven a reduction in asking prices.”

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