Despite a shaky start to the year, the reopening of the property market following high levels of pent-up demand and the stamp duty holiday saw the market rebound into the record books.
According to newly released data from estate agent comparison site, GetAgent.co.uk, the average homeowner in England achieved 96% of asking price in 2020, while in Wales this was marginally lower at 93%.
As a result, all regions of England and Wales saw the average percentage of asking price achieved, sit well within the 90-100% threshold.
So, where was the best place to sell during 2020?
Get Agent's figures revealed that the Midlands came out top in 2020. Home sellers in both the West and East Midlands achieved the highest percentages of asking price at 97.1% and 96.6% respectively. Those selling in Yorkshire and the Humber and the South West also saw the percentage of asking price achieved exceed 96%.
At 93%, sellers in Wales saw the lowest percentage of asking price achieved, along with those in the East of England (94.7%) and London (95.5%).
At a local level, Sheffield ranks as the best place to have sold a home in 2020. Sellers in the area achieved a huge 99% of asking price on average, with Salford not far behind (98.7%). Sellers in Hinckley and Bosworth and North East Derbyshire were the next most fortunate with their home selling endeavours achieving 98.4% of the average asking price.
Manchester (98.3%), Waltham Forest (98.3%), Cardiff (98.2%), Birmingham (98.1%), Trafford (98%) and Dartford (98%) also ranked within the top 10 for the highest percentage of asking price achieved in 2020.
And the worst?
Westminster was the worst place to sell a home last year, although even still, home sellers achieved a respectable 92.2% of asking price.
Colby Short, Founder and CEO of GetAgent.co.uk, commented: “Given the start we had to 2020, it’s remarkable that we were able to sell any homes at all, let alone see such high levels of asking price achieved.
"You’ll struggle to find a seller that won’t list their asking price higher than the actual value of their home and this is only natural as it gives them some wiggle room when negotiating offers on their property. So it’s no surprise that the average price achieved is lower than the average asking price in each region of England and Wales.
"However, the current stamp duty holiday has clearly helped boost the price buyers are willing to pay and to see even the lowest percentages of asking price achieved sit within the 90% to 100% threshold demonstrates the strength of the current market.
"While the current market frenzy is likely to simmer once the stamp duty holiday deadline has expired, the momentum of the market is likely to ensure that sellers continue to secure very good prices for their homes over the coming year.”