It’s common for London homes to sell at 5% lower than the listed price, suggesting that many sellers overvalue their properties when putting them on the market, data from Upstix shows.
The West End, Paddington and Marylebone are the Capital’s areas with properties selling at 6.5% below asking price.
Six of the 10 worst performing postcodes in terms of sales under the asking price are in London.
Fred Jones, chief operating officer at Upstix, said: “Far too often people are lured by over optimistic valuations when it comes to selling their homes – but it is often these overvaluations that cause problems such as a lack of interested buyers, long listing times leading to eventually having to reduce the asking price.”
No postcode area in England currently achieves property sales above asking price, with the average percentage of asking price achieved across England now standing at 97%.
Preston, Southport and Leyland have seen the highest fall from listed to sold price, with an average drop of 9%.
At the other end of the spectrum Newcastle, Gateshead and Sunderland perform the best, with only a 0.7% move from the original asking price of a property.
Jones added: “It is really important for sellers to have a realistic view of what price they can achieve within the time frame they want to sell.
“And time is the other important factor – if speed is of the essence, then an instant home buyer can offer a great alternative to the more traditional home selling process – with Upstix offering a start to finish sale in as little as seven days!”
