Strongest home seller hotspots

‘I am wondering how much I can sell my property for.’ It’s one of the most agonising decisions you’ll have to make when selling. But the good news is that recent research examining the initial asking prices of properties listed for sale across all postcodes in England and Wales, and subsequently comparing these figures to the final sale prices as recorded by the Land Registry, has unveiled insightful trends for the period between July and December 2023[1].

This comprehensive research revealed that, on average, properties across England and Wales sold for 96.7% of their asking price. This figure is slightly down by 0.5% from the 97.2% average achieved in the first half of last year, despite the challenges posed by rising mortgage rates and a generally uncertain market environment during the latter half of the year.

REGIONAL DISPARITIES IN SALE PRICES

The North East emerged as the standout region, securing the highest percentage of asking prices for sellers, achieving an average of 97.5%. Following closely were the North East and Yorkshire and the Humber regions, with averages of 97.4% and 97.3% respectively, while the West Midlands also performed commendably, with properties selling for 97% of their listed prices on average.

Conversely, Wales recorded the lowest average percentage of asking price achieved at 95.7%, notwithstanding the less favourable market conditions. London, interestingly, maintained a steady performance, with homes selling for an average of 96.5% of their asking prices, showing no decline over the past six months, a unique trend within England and Wales.

IMPACT OF MARKET CONDITIONS

The East Midlands witnessed the most significant decrease in the average percentage of asking price achieved, marking a reduction of 0.9% in the last six months of 2023 compared to the first half of the year. Despite these variances, the overall market resilience is noteworthy, with the majority of regions experiencing minimal declines in the percentage of asking prices achieved.

This data underscores the nuanced impact of broader economic factors, such as mortgage interest rates and market uncertainty, on different regions across England and Wales.

Don’t forget, our professional friendly advisors are on hand to support you and can help you explore all of your options.