The average homeowner in England and Wales achieved 98% of asking price in 2021, up from 96% in 2020, according to estate agent comparison site, GetAgent.co.uk.
The research shows that the average home seller listed their property at an asking price of £326,212 in 2021, while they achieved £319,119 or 98% when it came to actually selling.
In total, 157 postcodes across England and Wales saw home sellers achieve 100% of asking price or higher in 2021.
The best performing of the bunch was the TS2 postcode in Middlesbrough, where home sellers achieved 117% of asking price.
In Gwynedd’s LL45 postcode they achieved 114% of asking price, with home sellers in NE69 in Northumberland achieving 112% of original asking price.
These three postcodes have also seen the largest year on year increase in the percentage of asking price achieved, up 18% in LL45, 17% in TS2 and 13% in NE69.
Camden’s WC1R postcode has been the worst performing pocket of the market in 2021 where the percentage of asking price achieved is concerned. While home sellers listed at an average of £959,337, they achieved £767,470 – just 80% of their original asking price.
The postcode has also seen the largest year on year decline, with home sellers achieving 95% of asking price in 2020, 15% more than 2021.
Westminster’s W1D postcode also saw home sellers achieve just 80% of asking price in 2021, while Bradford’s BD1 postcode is the only area outside of London to make the top 10 when it comes to the lowest level of asking price achieved in 2021 (85%).
Founder and CEO of GetAgent.co.uk, Colby Short, commented: “2021 brought another incredibly strong year for the housing market and the nation’s home sellers.
“The extension of the stamp duty holiday, as well as the continued low cost of borrowing, ensured that the percentage of asking price they were able to achieve continued to climb on the impressive performance posted in 2020.
“Of course, not everyone has benefitted to the same extent and we’ve seen the London market trail quite considerably behind the rest of the UK, with the capital accounting for nine out of 10 of the worst performing postcodes across the nation.”
| Data source: GetAgent.co.uk |
Okay…
“The best performing of the bunch was the TS2 postcode in Middlesbrough, where home sellers achieved 117% of asking price.”
Really? Sorry – what I meant there was REALLY?
You see, according to both Rightmove and Zoopla, the average sale price of property in TS2 – based on ONE RESULT – was £32,000. And it was sale by auction, with from what I can see a guide price that chopped and changed from a pocket-money bargain £5,000 to a bank-breaking £21,000.
Now of course that information might be incorrect – but I assume it’s the same place that Mr Get-A-Gent (or should I say his dribble-writer – who has excelled in the art of bullsh*ttery yet again) got it from, so I’m happy to post it here.
I haven’t bothered looking at the other “best performing” postcodes. I’ve got some paint to watch while it dries which is waaaaay more important…
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Right – the paint is getting a bit tacky so I’ve decided to leave it for a couple of minutes.
LL45. According to the MDT above, “Average Price Achieved 2021” was £526070. According to Rightmove, “Properties in LL45 had an overall average price of £223,111 over the last year” . They list NINE sales. Zoopla, on the other hand, say it was £241,857 for the SEVEN properties on its’ list.
NE69. Only FOUR sales according to both RM and Z, at an average of £572,812. That’s 19.8% lower than Get-A-Gent’s “Achieved Price” claim. It’s actually 11.1% below their quoted “Average Asking Price” – so not even close to performing to the 98.2% they claim the England & Wales average to be.
Mr Get-A-Gent really should ask his dribble-writer to give his abacus a shake – among other things.
Now – back to that interesting paint…
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It is a well known industry norm (by any agent) that typically as an ‘average’ property always sells within 2% to 2.5% of the asking price. In any market. So how is this a news story?
Now the property might have ‘changed’ its original listing price, again about 60% of properties in a normal housing market cut price once of more – prior to getting sold subject to contract, but at the ‘death’ when deals are done typically as a national average there is a 2% to 2.5% gap. (With SDLT holiday of course no one was cutting prices – but that wassuper heated market).
Yes in a normal market a £500,000 listing might sell at £475,000 – vendors choice, but over the year add this bigger gap in sale price to sold price with all the other sales and that small gap becomes your industry 2%.
Are we going to get a report that most properties have a roof or windows next, hardly newsworthy in my opinion. And that is the problem, most news is Press releases, so it wil be a poll, or a reaction piece to a change in legislation, a round of funding, new change of faces, journalism due to the amount of journalists no longer in the trade are being replaced by marketing people, which is a shame as the real stories are not getting the oxygen they require.
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