Asking Prices much larger than Sold Prices?

LFH

I'm looking at the Selling and Asking prices on home.co.uk for Stevenage. While Asking Price for detached houses has jumped over 40%, there hasn't been an equivalent increase in Selling Price.

I am wondering if this means people are really over-valuing their houses, or if home.co.uk is lacking some data on the more expensive sales. What do you guys think?

Thanks,
LFH

PasturesNew

You need to compare specific houses, not groups of statistics which are meaningless.

You need to look to see if houses you'd have been interested in sold at much below/above the asking price.

cattie

Probably any data you are looking at is already quite out of date. Land Registry info only tends to be updated each quarter & sometimes can take longer for some properties.

House prices in London & suburbs have increased greatly since early in the new year, so I don't think you'll find it's down to over valuation. The great majority of properties are selling at over asking price, so obviously they are priced to sell if they are not hanging around sitting on the market & achieving prices at over the one marketed at.

ging84

sales take 3-6 months to go through, then another 2-3 months to get into the land registry published figures
it can be best part of a year before you get the real picture

also the asking price for a specific type of house in a specific area is fairly volatile.
If there 100 for sale, and the bottom 30 sold or were taken of the market but none of the more expensive ones, then the average asking price for the remaining rises greatly, even if none actually had their prices put up.