Asking price sold price gap

girleight@

Hi

Does anyone know where I can find the average asking price/sold price gap for my area?

far2812

https://www.mouseprice.com

just google house prices in my area

brit1234

10-15% but wait till after the ellection for sentiment to turn more negative when the true state of the economy is announched.

nollag2006

brit1234 wrote: »

10-15%....

As so often Brit - you are talking through your back pocket.

The true figure is 93% and rising:
http://www.themoneystop.co.uk/032010/93-percent-of-asking-price-being-achieved-for-properties.html

brit1234 wrote: »

...but wait till after the ellection for sentiment to turn more negative when the true state of the economy is announched.

One L in "election" and no H in "announced"

Didn't you also predict that house prices were due to fall by 50% from their peak by Christmas 2009?

How did that prediction work out for you??

:rotfl::rotfl::rotfl:

girleight@

I'm perhaps being daft but I still can't find what the ratio between asking prices and sold prices for York is. I had read that it is 93% on average and that it varies by region but I couldn't find what it was for York specifically as I think the York housing market is a little different to Yorkshire in general.

Oh it says it on https://www.hometrack.co.uk under all the attempts to sell you reports. 97% apparently. Hmmm.

Doozergirl

An average is just that, an average. It means nothing when you are looking at one house.

What is important is your own valuation of a property. That is what determines what you offer. If the vendor accepts your own valuation, all good.

I might as well stick my finger in the air than rely on an average as an absolute. What's to say that a house isn't vastly overpriced or indeed underpriced? If you offer a certain % as a formula then in both of those cases you'd be disappointed.

girleight@

Yeah it's true that averages are not always helpful but it is very hard to work out how much a house is worth.

brit1234

nollag2006 wrote: »

As so often Brit - you are talking through your back pocket.

The true figure is 93% and rising:
http://www.themoneystop.co.uk/032010/93-percent-of-asking-price-being-achieved-for-properties.html




One L in "election" and no H in "announced"

Didn't you also predict that house prices were due to fall by 50% from their peak by Christmas 2009?

How did that prediction work out for you??

:rotfl::rotfl::rotfl:

The economy was in such dire states that they rapidly cut interest rates from about 5.5-0.5% effectively delaying the crash. Interest rates are still at 0.5% whilst inflation is rissing fast despite them changing the basket of goods to hide it.

things aren't as rossy as you would hope.

tweeter

re #6 Doozergirl is right.

Hope this link helps.

http://www.propertysnake.co.uk/

AbbieCadabra

just what doozergirl said really! all these 'averages' that quoted mean very little, the areas i keep an eye on are nothing like any of the averages that ever get quoted...

the more info you have, the better off you are though - i tend to use this site for asking price, selling price, time on market etc.
http://www.home.co.uk/

princeofpounds

There is no data that can give you a definitive answer. This is because although there are indexes of asking prices (like rightmove) and indexes of sold prices (like the land registry figures) they are not the same population set of data.

Rightmove will include houses that will never sell. Land registry won't include repossessions. The borders of the regional breakdown won't overlap. etc etc etc. So you are not comparing apples with apples - you are looking at two entirely different 'averages'.

Perhaps the only conclusion you will be able to draw is how much the ask-trade price spread has widened or narrowed over time. You can do this by dividing the rightmove datapoints by the land registry datapoints and forming a time series. Whilst the absolute number doesn't mean anything (although it will look like you get an average achieved % of asking price), mathematically speaking the changes in the relationship over time do have some validity as that does not depend on the underlying units.

I like to call it the index of delusion (or how much sellers overprice their property)!

From memory, in the boom it was in high single digits but moved to 15% or so in the crash. Then I stopped constructing it, but it has probably narrowed a bit.