Home Property Average home achieving 96.7% of asking price after reducing by just 0.5%

Average home achieving 96.7% of asking price after reducing by just 0.5%

18th Mar 24 3:15 pm

The latest property industry insight from estate agent comparison site, GetAgent.co.uk, has revealed that despite the second half of 2023 presenting a myriad of challenges for the nation’s estate agents, the average asking price achieved for homes across England and Wales fell by just -0.5% over the final six months of the year when compared to the first six months.

GetAgent provides one of the property industry’s most comprehensive views on asking price performance, by monitoring the original asking price of each property listed for sale across every postcode of England and Wales, before comparing it to the sold price registered by the Land Registry once the sale has completed.

The latest data release by GetAgent shows that over the last six months (July to December 2023 – latest available), estate agents across England and Wales have achieved an extremely respectable 96.7% of asking price.

This comes in just -0.5% lower than the average of 97.2% achieved over the first six months of the year, despite higher mortgage rates and market uncertainty leading to a far less settled landscape during the second half of last year.

The North East sits top when it comes to the region where estate agents are achieving the highest percentage of asking price for their sellers, with the average property in the region currently selling for 97.5% of asking price.

The North East (97.4%) and Yorkshire and the Humber (97.3%) followed closely behind, with estate agents in the West Midlands also achieving 97% of asking price on average.

Wales is currently home to the lowest average percentage of asking price achieved, but even still, Welsh agents are still achieving 95.7% of the original asking price despite cooler market conditions.

While London sits mid-table with the average home selling for 96.5% of asking price, it is the only region of England and Wales where this percentage hasn’t fallen over the last six months, remaining flat versus the previous six months.

The East Midlands has seen the largest reduction in the average asking price achieved, but even still, this equates to a drop of just -0.9% over the last six months of 2023 versus the first six months.

Co-founder and CEO of GetAgent.co.uk, Colby Short, said, “In a tough market, managing vendor expectations is key to achieving a successful sale. However this is often easier said than done, with vendors keen to squeeze every last pound out of their property sale.

Therefore, to see the percentage of asking price achieved remaining so high is testament to the hard work and resilience of estate agents across the country.

With demand metrics showing improvements hopefully we will start to see the percentage of asking price achieved increase over the next 12 months.”

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