England and Wales' asking price hotspots

The property market over the past 12 months saw high demand swinging the balance firmly in favour of sellers - achieving 99.7% of their asking prices on average, a 1.2% increase compared to the previous year. However, in some areas, this rises to as much as 110% of their original asking price, according to new research.

Related topics:  Property,  House Prices,  Asking Prices
Property | Reporter
28th April 2023
hot spot 2
"The fragmented nature of the property market means that asking price performance does differ drastically from one postcode to the next"

The latest data released by estate agent comparison site, GetAgent.co.uk, analysed 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, in terms of the strongest postcodes for current home sellers, the CA9 postcode of Eden sits top of the table, where over the last year, home sellers have achieved 110% of their original asking price on average.

Across Sheffield's S7, S6 and S11 postcodes, sellers have achieved 107.4% and 107.2% of the asking price respectively, with Northumberland's NE68 postcode also making the top 5, with 106.6% of the asking price achieved on average.

The largest increases in asking prices achieved

Eden’s CA9 postcode has also seen the largest increase in the percentage of asking price achieved over the last 12 months when compared to the previous 12 months, with a 13.9% increase.

Other postcodes where home sellers are now achieving the highest increases in asking price include Westminster’s W1D (+11.4%), Camden’s WC1R (+9.7%), EC4Y in the City of London (+8.3%) and LD4 in Llandrindod Wells (+8.2%).

The biggest reductions in asking price achieved

However, it’s not all good news for the nation’s home sellers, with some postcodes seeing a reduction in the percentage of asking price achieved and nowhere more so than Westminster’s SW1H postcode, where sellers have achieved 82.3% of asking price in the last year versus 93.4% over the previous 12 months - a drop of -11.1%.

Sellers in Liverpool’s L2 postcode have seen a 9.1% reduction in the percentage of asking price achieved, with those in the LL37 postcode of Gwynedd also seeing one of the largest reductions at -8.6%.

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:

“It’s been a tricky period of adjustment for home sellers in recent months, as the heat of the pandemic market boom has faded and increasing interest rates have stifled the appetites of the nation’s homebuyers.

"But while we may have seen a reduction in the topline price achieved, it would seem as though, for the most part, those looking to sell are pricing appropriately for current market conditions and being rewarded with a higher percentage of asking price achieved.

"Of course, the fragmented nature of the property market means that asking price performance does differ drastically from one postcode to the next and while some areas have seen an increase, sellers in other postcodes are achieving a far lower proportion of their original asking price versus a year ago.

"You’d need only look at Westminster for a prime example of this property market diversity, with one of the borough’s postcodes ranking in the top 10 largest increases in asking price achieved, while another tops the table for the largest decline.”

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