Fresh analysis of Rightmove asking prices and Land Registry data shows that 37% of homes in January of this year sold for the asking price or higher – above the long-term average of 10% recorded between 2005 and 2021.
Since the housing market reopened last year in May in England and in June in Wales the percentage of homes achieving asking price or above has been steadily increasing to reach this new record.
The last record was set back in May 2016, when 36% of homes sold for asking price or above.
The best performing region is Yorkshire and the Humber where 45% of sellers saw their home selling for at least the asking price.
Rightmove director of property data Tim Bannister said: “This unique study quantifies the buyer bidding wars that agents have been reporting since the markets reopened last year, and is further evidence of the unprecedented market that emerged from the various lockdowns with many people deciding they wanted or needed to move as their requirements on space and surroundings changed.
“I would, however, caution against sellers being tempted to ask their agent to put their property on for a price that’s much higher than market value. Although many agents are seeing buyers scrambling to put in offers, if your property is priced too high at the beginning it will stick out like a sore thumb on Rightmove as buyers will compare the asking prices of similar properties in the same area. You need to first get people through the door, even for desirable properties in the hotter areas. My advice would be to listen to your agent’s expert opinion, and be mindful that the market is now showing early signs of cooling.”
| Region |
% of homes selling for asking price or above January 2021 |
% of final asking price achieved January 2021 |
| Yorkshire and The Humber | 45% | 98.5% |
| North West | 41% | 98.2% |
| East Midlands | 40% | 98.4% |
| North East | 39% | 98.1% |
| West Midlands | 39% | 98.3% |
| East of England | 37% | 98.4% |
| South West | 35% | 98.1% |
| South East | 34% | 98.0% |
| Wales | 32% | 97.4% |
| London | 30% | 97.4% |
| England + Wales | 37% | 98.1% |
Where does rightmove hold the data for what price properties have sold for?
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Land Registry one would assume. The land registry is currently showing properties that completed up to the middle of April
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Note the wording
“% of final asking price achieved”
I’m sure there are many readers who remember the [Word removed as it breached posting guidelines](credit: Jonnie) that went on at eMoov Towers where the Asking Prices of properties were reduced en masse at the time a sale was agreed in order that they could fiddle a claim of achieving 99% of asking? The archive of EYE and the other trade publications are full to bursting with reports of such shenanigans – and the many times that the toothless pu55y that is the ASA had put said company (and others) on the Naughty Step for making wholly unfounded and totally false claims in that respect.
Just type “emoov asking price” into the search box at the top of the page, settle yourself down somewhere…
…and read ’til you cup is overflowing with MDT!
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What is “fresh” about analysis of the situation 6 months ago?
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