GetAgent’s latest data reveals that over the past six months, home sellers in England and Wales have achieved an average of 97.3% of their original asking prices. However, this figure represents a decline compared to the previous six-month period, when the property market was notably robust.
GetAgent conducts ongoing monitoring of the percentage of asking price realized for property sales across various postcodes in England and Wales. This analysis is based on the initial price at which a property was listed for sale compared to the actual price achieved upon completion of the sale.
In the first half of 2023 (January to June), the data shows that home sellers, on average, received 97.3% of their original asking price, indicating a slight dip in market performance compared to the previous period of heightened activity.
Across England and Wales, there has been a widespread decline in the percentage of asking price achieved for property sales. The steepest reduction has occurred in Wales, where sellers have seen a decrease of 3.0% in the last six months. Following closely, the South West has experienced one of the largest declines at 2.9%, with Yorkshire and the Humber trailing at 2.6%, and the North West and South East both recording decreases of 2.5%.
In contrast, the impact on asking price expectations has been least pronounced in the capital, London. Sellers in London have achieved 96.4% of their original asking price during the last six months, indicating a modest drop of just 1.6% compared to the preceding six-month period. This data illustrates a general trend of reduced percentages of asking price realized across various regions.
GetAgent’s CEO, Colby Short, highlights the resilience of house prices despite prolonged economic uncertainties. However, a decline in homebuyer activity is becoming evident, impacting the percentage of asking prices achieved by sellers. The previous housing boom, fueled by a homebuyer frenzy during the pandemic, is no longer sustaining prices.
Current buyers face reduced purchasing power due to higher borrowing costs, further contributing to a decrease in asking prices. This data reflects the evolving dynamics of the property market in response to changing economic conditions.
Overall, the property market is showing signs of adjustment as the pace of homebuyer activity slows down, leading to a notable reduction in the percentage of asking prices achieved. This shift is influenced by both changing buyer behavior and increased borrowing costs, marking a departure from the frenzied market conditions seen during the pandemic.
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