View more on these topics

South East houses largest disparity between asking and selling price

The South of East of England is where the biggest discrepancies between asking and selling prices lie, according to data collected by Property Solvers.

Within the region, South West London has the largest difference, at £85,142. This is followed by North West London at £80,299, and West London at £59,192.

Property Solvers points out that the only area in the top 20 of this list is Inverness, in Scotland, which has an average gap of £18,860.

Scotland is where the three narrowest disparities are: Perth, at £1,930, then Kilmarnock at £2,256, followed by Motherwell at £2,653.

The data was collected from 89,582 property transactions between June 2018 and June 2019.

Property Solvers co-founder Ruban Selvanayagam says: “Whilst it is logical to expect a bit of wiggle room, it is increasingly evident that something is amiss in the marketplace and properties are getting overpriced at the marketing stage.

“It is common knowledge in the industry that estate agents frequently provide prospective home sellers with an over-hyped valuation to win instructions.

“In many cases, this leads to homes lingering on the market for much longer than they should.”

Recommended

housing market

TSB amends product rates

TSB has amended rates on select house purchase and remortgage products. Notable reductions include the 95 per cent LTV three-year fix cut from 3.24 per cent to 3.04 per cent, and the 95 per cent LTV five-year fix from 3.29 per cent to 3.09 per cent. The two products are both for purchase only and […]

Advice or guidance? That is the question

The Retail Distribution Review (RDR) brought many benefits to the UK pension industry, but it also created an advice gap, resulting in consumers with the smallest funds struggling to access advice at a suitable price By Justin Corliss, Business Development Manager The Financial Advice Market Review (FAMR) produced in March 2016 aims to remedy this, […]

Newsletter

News and expert analysis straight to your inbox

Sign up