Time To Buy? Sale prices show a dip but market stays ...

The latest data release by comparison site GetAgent shows the average sale price over the past six months has been 97.3 per cent of asking price.

This is well down on the previous six month period, when the market was still unusually buoyant.

GetAgent monitors the percentage of asking price achieved for sales across each postcode of England and Wales, based on the original price a property was first listed for sale at, versus the price they achieved upon completion.

The latest research shows that over the last six months (January to June 2023), home sellers across England and Wales have achieved 97.3 per cent of their original asking price.

Every area of England and Wales has seen a decline in this respect, with the greatest reduction seen in Wales where the percentage of asking price achieved has fallen by an average of 3.0 per cent in the last six months.

The South West has also seen one of the largest reductions at 2.9 per cent, followed by Yorkshire and the Humber (down 2.6 per cent), and the North West and South East (both down 2.5 per cent).

In terms of the smallest hit to asking price expectations, it’s the capital that has seen the most marginal reduction. London’s sellers have achieved 96.4 per cent of their original asking price over the last six months, a drop of just 1.6 per cent versus the six months prior.

GetAgent chief executive Colby Short says: “It’s quite remarkable that house prices have stood so firm considering such a prolonged period of economic angst, however, a notable reduction in homebuyer activity in recent months has finally started to take its toll.

“This is now showing in the form of a reduction in the asking price percentage being achieved by the nation’s sellers, as they are no longer benefitting from the homebuyer feeding frenzy that drove house prices to record highs during the pandemic market boom.

“At the same time, those who are looking to buy in the current market have had their purchasing power restricted by the increased cost of borrowing and this has also driven a reduction in asking prices.”

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