Average house asking price vs average/typical house price

grumpy_codger

newsgroupmonkey_ said:

grumpy_codger said:

newsgroupmonkey_ said:

Is Crashy on holiday? Doesn't appear to be on a forced sabbatical lol.

Anyhow, in all seriousness.....

Asking prices are the houses that are on the market.

Average house VALUE is something that is either selling, sold or not being sold.

So to put it another way.

There are 10 houses on the market on a road. All at £100,000. They may even sell for the same. So the average asking price is £100,000.

There are also 100 other houses on the same road. Some of them are much smaller. Generally, all the houses are valued at between £60k and £100k, averaging at £80k. None of the smaller ones are for sale. Only the 10 valued at £100k.

They are 2 completely different numbers.

Well, this means that the market isn't a representative sample of all UK houses, more expensive (than average) houses prevail on the market and change hands more frequently despite punitive progressive SDLT.

Right?

Well your point above implies that all houses drop 21%. And that's clearly not true.
Rightmove, for instance, suggest that 5% discount in asking vs sold in March was a "high".
https://www.forbes.com/uk/advisor/personal-finance/2025/05/21/house-prices-updates/

So if we're sticking to your prices you've quoted at the top of the page, it supports my claim.

On average, not all. And if you mean the first post, it was a question, not a point, and I don't see how 'high' 5% discount supports 21% difference.

Perhaps people in lower value properties are less likely to move. After all, the solicitors costs are the same. The moving costs are the same.

I think moving a bigger house costs more. And what about EA fees?

The SDLT of your £377k property is £8.5k. That's not "punitive". It's effectively 2.3%.

SDLT is progressive, not proportional. IMO this does mean punitive.

0% for £125K

1% for £250K

3.9% for £925K

Less for FTBs that, again, tend to buy less expensive houses.

will1122

Yes, in London it's quite common to see a noticeable gap between average asking prices and actual sold prices — often around 5–10%, but in some cases even higher, especially in a cooling market. A £79K difference sounds steep, but not unheard of depending on the area, property type, and negotiation factors. Keep in mind that asking prices are what sellers hope to get, not necessarily what buyers are willing to pay. If you're house hunting or selling in East London, Remax Star Ilford can give you more local insights into realistic valuations.