When selling your home, deciding on the right asking price is vital in generating a good amount of interest in your property. Obviously, you want to get the most out of your home, but it’s important that you don’t price yourself out of the market.
But how does the average asking price compare to the average sold price throughout the UK? Well, new research has sought to find this out.
According to a new report, the gap between the asking price and the sold price is quite a large one, with the UK average asking price currently standing £414,359, while the sold price stands at £226,906, a surprising 45% difference.
While this is a shocking statistic at first glance, it does not mean that every homeowner looking to make a sale needs to chop their price by almost half to attract a buyer, but it does provide a good indication of the price range that is seeing the most activity.
Breakdown by Region
The report looked at all areas within the UK, discovering that Scotland had the smallest gap between asking price and sold price, showing a 16% difference as vendors were asking for an average of £186,371 and homes sold for £156,495.
England was top of the table with the largest gap, as homes were being listed for £323,336 but selling for an average of £243,639, a considerable difference of 25%.
In terms of individual regions, cities and towns it was South Gloucestershire that saw the greatest difference, with homes selling for 43% less (£267,397) than the average asking price in the area (£470,117).
Inverclyde followed closely behind with a 41% gap with homes being sold for an average of £159,932 and East Ayrshire recording the 3rd largest gap of 31%, with an average sold price of £93,053.
Although most areas show similar statistics, there are a few locations that boast an increase in the asking price. East Riding of Yorkshire saw a 3% increase on their average £170,981 asking price, Nottingham was up by 2% and the Orkney Islands and North Somerset both saw a 1% rise on the price they originally asked for.
Ultimately if you’re looking to make a move and considering selling your home, then speak to our local property experts first. We can provide you with an accurate and up to date valuation and our knowledge of the local market is second to none which will help you achieve the highest price possible.
