Difference between asking and selling prices

andrew8018

Does anyone know the average percentage difference between asking and sold prices in the UK or where I can get reliable data for these figures?

I'll be house hunting soon, prices look terrifying and need to get my bargaining cap on......

Doozergirl

https://www.hometrack.co.uk

A whopping 98% in my part of the world!

Means nothing really as you have to judge each property (and it's vendor, lol) on their merits. I don't use it as a guide at all, I just try to get the best price I can!

andrew8018

Cheers DG, plenty of info to get stuck into there :T

back2square1

I have recently been placing offers on a property and I have found nethouseprices.com very very useful. I found out all the similar properties sold prices in 2006 which were nearby the property I wish to buy. I then drove round the estate and checked out each house to see if they were in same condition (ie double glazed, conservatories, etc) because clearly these are factors that sometimes make the asking price more or less.

Interestingly I found an identical property which had sold last November for £180,000. The house I am wishing to purchase has asking price of £214950. I have discussed this with EA amongst with other concerns I had about asking price and so far the vendor is willing to accept £207k plus leave me dishwasher, curtains, blinds. I still haven't said yes or no whether I am prepared to stretch to that much yet.

Nethouseprices.com is very easy to use, you just type in the road name or postcode (if you know it) and then you can look at properties 150metres, 300 metres, etc etc away from the property and what they sold for in last year.
Some of the sold prices can date back to 2000 but I was only interested in recent purchases.

Hope this helps!!!

courtjester

What you are asking about is the average difference between the asking price and the final sale price agreed - which is in the range of 5-10%. Hometrack and similar sites publish this sort of data.

So when looking at 'sold' prices websites for your postcode, you in theory would add 5-10% to the benchmark sold price to arrive at a reasonable 'asking price' for your property.

This is the theory, but the problem is that you can't apply statistics based on millions of sales to a single sale, as of course, every sale is *different*.

The key is the 'comparable' value process of looking at like-for-like values for property in your location and establishing how your property features, condition and location relate to others. Ultimately, beauty is in the eye of the beholder and a property that might be highly sought after for one buyer would not be considered by another - clearly there is a great range of preferences and the final sale agreed price will bear purely on the individual situations of the respective seller and buyer of a particular house.

There is no exactly correct asking price (or 'valuation' as estate agents love to call their estimates), nor is there an exactly perfect sale price for a property - it just depends on what buyers and sellers are prepared to agree under a set of circumstances at that time in the market for that property.

scope

Some times the asking price and the selling price is quite close though, it depends on your situation. If you want to sell fast you would market the property close to what you really want.

kingkano

Exactly. In my area in sth east, you wouldnt find much between the asking/selling prices in majority of cases.