The most recent data released from the estate agent comparison site, GetAgent.co.uk, has revealed that the average home seller achieved an extraordinary 97.9% of the asking price last year, with just one area of the market seeing buyers pay far beyond the original listing price.
GetAgent pulls data from all of the major property listing portals which are then cross-referenced with the Land Registry using their proprietary algorithms and input from partner agents to see where sellers have achieved the best price for their property compared to the price, they listed it for sale at.
Below we will outline the asking prices by region and locally to break down the recent data that has been captured.
Asking prices by region
The latest figures depict that across England, sellers have achieved an average of 97.9% of their asking price expectations in 2021.
London was documented as home to the lowest percentage of asking price and achieved at 95.9% whilst the best asking price-performance was seen in the South West, North West, East of England and Yorkshire, and the Humber. In these regions, sellers netted 98.2% of their original listing price.
Local asking prices
When breaking down the market on a more granular level, GetAgent’s data shows only one specific area where homebuyers pay well beyond the asking price.
In Waltham Forest and Gravesham sellers achieved 99.9%, while this fell slightly to 99.8% in Liverpool and Stevenage. In Redditch, 99.7% of the asking price was achieved on average, with sellers in Tameside, North East Derbyshire and Nottingham securing 99.5%.
Sellers in Rugby, Ashfield, Warrington (99.4%), Manchester, Rushcliffe, Salford, High Peak, Dartford (99.3%), Halton, Hastings, Nuneaton and Bedworth (99.2%), Bromsgrove, Wigan, Medway, Norfolk, Chorley, North Tyneside and Bolton (99.1%) also came close, but no cigar.
The worst performing area of the market was the City of London, where buyers stumped up just 89% of the asking price, the only area to fall below the 90% threshold.
Hambleton, Runnymede (95.5%) and Copeland were the only areas outside of London to make the top 10.
The top-performing area of the property market from a seller's point of view last year was Sheffield, where home sellers achieved an incredible 101.4% of the asking price.
However, the full asking price only failed by a fraction, and no less than 26 other areas had buyers paying between 99.1% and 99.9%.
Founder and chief executive officer of GetAgent.co.uk, Colby Short, commented: “It’s very much a seller's market at present, as buyers continue to enter the market at mass and fight it out for limited levels of available stock.
“That doesn’t necessarily mean that they’re prepared to pay above the odds to secure a home and just one area of the market has seen the average seller achieve above asking price in 2021.”
“However, what we’ve certainly seen is the traditional practice of negotiating the price down all but vanish, as buyers pay very close to the original asking price right off the bat in order to secure a purchase.”
Short concluded: “With interest rates climbing along with the cost of living, we could see this start to subside in 2022 as buyers can’t quite pack the same financial punch and this will inevitably lead to a reduction in the level of asking price achieved.”