PEOPLE buying homes in the Reading postcode area have been knocking an average of more than two per cent off the asking price over the past year, according to a 'we buy any house' firm.
But recent activity in the property market suggests some sellers are actually getting more than the asking price.
Property Solvers has looked into 1,972 property transactions in and around the RG postcode area, comparing asking prices on Rightmove with the actual sold prices lodged at the Land Registry up to this month.
The data effectively monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.
The biggest price discounts in Reading were seen in the RG9 (Henley-On-Thames) postcode. Across this region, 55 sellers were knocking off an average of £-24,135 (or -2.84%) from the initial asking price in the 12 months to July 2021.
Over the same period, the lowest hits on price were seen in RG21 (Basingstoke), where 41 home sellers reduced their properties by an average of £-4,780 (or -1.48%) to get the sale going.
In RG5, homes saw their properties sell for an average of £406,420 (-1.80%) below the asking price.
Ruban Selvanayagam said: "Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices. There is also wider evidence of surveyors down valuing properties that are misaligned with the realities. This means that properties end up selling for lower than the original estate agent price estimation.”
"It’s relative as a more expensive property is likely to see a wider price difference. Nonetheless, when buying, it's worth checking how much prices are being reduced in your area using our tool.”
“For sellers, before listing, we always suggest looking at the widely available free data from HM Land Registry which tracks the prices properties are sold for and not what they are advertised for. On Rightmove, for example, you can often see previous listings to see how yours compares.”
Adding: “This tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode.”
Retrieved from: https://www.readingchronicle.co.uk/news/19453523.reading-house-prices---widest-difference-asking-selling-prices/?ref=ebmpn(20 Jul 2021)
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