At Austin Property Services, we aim to help people in the local housing markets. There is a lot to consider but property prices, asking prices and how buyers and vendors engage are all crucial factors.
We are pleased to say we have helped many people connect in the property market this year, and there has been considerable activity. With demand so high, it is no surprise to learn the gap between the asking price and the sales price is big in the South West of England.
A study undertaken by MoveStreets highlights the following points:
The average asking price on major property portals stands at £296,950
The average sales price stands at £258,464
This means there is a gap of 13% or £38,486 when it comes to asking prices versus sales prices
Regional variations exist when it comes to overpricing
In the South West, there is a difference of 24% between asking price and sales price
The South East features a difference of 23% between asking and sales price
In London, the gap is 41% between the sales price and asking price
In Wales, the difference between asking and sales price is 21%
In the East Midlands, there is a gap of 21% between the asking and sales price
For the North East, the gap between asking and sales price is 21%
In the West Midlands and the North West, there is a gap of 20% between the asking and sales price
Scotland stands apart, with the gap between asking and sales price standing at 4%
Adam Kamani, CEO and Co-Founder of MoveStreets, commented: “We’ve seen an incredibly hot market of late and despite the end of the stamp duty holiday, high levels of buyer demand and low levels of available stock continue to see properties fly off the shelf at pace and for a very good price. However, it’s clear that even in current conditions, many sellers are listing their homes at an over-optimistic price point, no doubt in an attempt to take advantage of the market boom.”
Adam Kamani concluded by saying; “This can be detrimental to your sale regardless of how the market is performing and can result in months of little to no interest in your home. It’s the responsibility of the listing agent to guide sellers and set these expectations. While some will value a home at a higher price point to win business, a difference of ten to hundreds of thousand pounds above market value is perhaps a little too far.”
We know the local housing markets
If you are focusing on pricing, you need to make an informed decision. We are more than happy to help you make an informed decision when it comes to the housing market.
According to Rightmove, as of November 2021, house prices in Dorchester are as follows:
“Properties in Dorchester had an overall average price of £337,090 over the last year.
The majority of sales in Dorchester during the last year were flats, selling for an average price of £223,902. Terraced properties sold for an average of £342,062, with detached properties fetching £488,886.
Overall, sold prices in Dorchester over the last year were 5% up on the previous year and 11% up on the 2018 peak of £304,501.”