asking prices against achieved prices

polabb · 13 March 2011 at 11:09AM

Some organisations that publish house price data also track the differential between asking and achieved prices (e.g. Hometrack). However, given current market uncertainty, it would be useful to get some up-to-date information (albeit anecdotal) on how this is developing. Has anyone just had an offer accepted (or rejected)- if so, at what level? Or is anyone who is trying to sell willing to share what level of reduction on asking they are prepared to accept? Rough indication of part of the country would also be helpful. Many thanks for any answers!

Neil_in_Bristol · 13 March 2011 at 11:21AM

Recently had an offer of 91% of the asking price accepted very readily in SE Wales. However, we've had similar offers rejected out of hand on other houses. It all depends on the vendor, and also whether the estate agent has given them unrealistic expectations. (Some were quite rude about our 'low' offers).

Here's a link to the latest Hometrack survey that says that on average, sellers are acheiveing 92% of the asking price:

http://test.hometrack.co.uk/commentary-and-analysis/house-price-survey/20110303.cfm

lyndasharp · 13 March 2011 at 11:37AM

Just accepted an offer of 96.5% of asking price on our house, Wiltshire. Rejected an offer of 94%. However, our house was priced to sell so we were looking to get pretty close to the asking price.

Doozergirl · 13 March 2011 at 11:37AM

"Average" being something that doesn't exist. Meaning some vendors are as likely to accept 80% of their asking price as some are to accept 110%.

I like the idea of individual anecdotes but I'd like £1 in a swear pot for everyone that quotes a 92% average!

HAMISH_MCTAVISH · 13 March 2011 at 11:44AM

Asking prices are a bit meaningless....

If a house is overpriced compared to actual sold prices of similar properties, because the owner listed it as a kite flying exercise, then 20% below asking price may be fair value.

If a house is underpriced compared to actual sold prices of similar properties, because the owner is desperate to shift it, then full asking price may be the fair value.

In very general terms, the average achieved price seems to fluctuate between 90% and 95% of asking prices, but this will vary considerably by area, property type and individual property.

Better to research comparable actual sales prices and take it from there.

asking prices against achieved prices

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