Homes in London are Sold for Four Percent Less Their Asking Price

Photo by Maxwell Hamilton (cc-by-sa/2.0)

Data from Zoopla has revealed that in the year to September, the average property in London was sold for 4.09 percent under its asking price.

This was down 2.13 percent compared to the year before, when vendors were able to achieve an average sale value of only 1.96 percent under the property’s asking price.

The analysis covered the period between August 2016 and September 2017. The study also revealed that sales values dropped further from the asking price right across Wales and England.

The average property in Wales and England was sold for 3.86 percent under the asking price which id=s 0.32 percent less on the final sale value as compared to the previous period.

Homes in the south-east of England were sold closest to the asking price at only  3.06 percent below, something which Lawrence Hall, the spokesperson for Zoopla, said was “unsurprising.”

“It’s perhaps unsurprising that properties in the south of the country are currently selling closest to their original asking price, as demand for properties in the capital and its surrounding commuter belt remains high.”

Hall continued: “Though it is interesting to note that these same areas are the ones that have seen sale values slip furthest from the asking price over the past year, which is perhaps reflective of a slight slowdown in market activity in and around the capital.”

Vendors in Wales achieved lower final sale values, as properties in the country were sold for 5.87 percent below the asking price. This was the hugest gap between all the regions that were analysed.

Wales was followed by the northeast of England, which revealed a difference of 5.53 percent, and the northwest of England which had a difference of 4.46 percent.

At a local level, properties in Bristol were sold closest to their original asking price over the past year, at only 1.9 percent under.

In contrast, homes in the Yorkshire city of Bradford were sold the most below the asking price at 6.32 percent.