Asking prices on target for Midlands sellers
9 Aug 2019
Accurate valuation from reliable agents drives sales success
What asking price can I expect to achieve on my house sale?
This is one of the most crucial questions you need to quiz your potential estate agent on when deciding who to put your house up for sale with.
The latest data from online agent comparison website GetAgent.co.uk shows that so far this year home sellers in England and Wales are currently achieving an average of almost 96% of the asking price on their property - a surprisingly positive outcome considering the current shaky economic climate.
Good to know too that Midlands figures are outstripping the norm, with higher than average asking price success. Birmingham gains the top slot among Midlands’ cities, achieving 98% of the average asking price of £232,211, followed closely by Leicester and Nottingham, gaining just over 97% of the average asking prices of £254,239 and £212,438 respectively and Derby, securing 96% of the average asking price of £221,462.
The data reveals southwest Sheffield as the most profitable postcode. Sellers here are typically achieving 104% of their asking price, with other areas of Sheffield performing well too.North East Derbyshire is also home to some of the best performing postcodes, gaining more than 100% of the asking price on average.
London’s prime market locations account for most of the worst performing postcodes. Homes in Kensington and Chelsea are currently receiving just 89.33% of the asking price of £1,886,212, as buyers shy away from the premium prices of the capital.
Get the price right
Overvaluing your home can lead to a lengthy and stressful selling process, as potential buyers will not even see your home when they put their property search and preferred price ranges into the online portals.
Best advice for sellers is to be on the ball, both with agents’ fees and their performance in delivering what you need: a property sale at the price you are seeking.
Selecting a pro-active, online estate agent, offering professional service, with a firm finger on the pulse of the market within their local area, is a must and you need to find someone you can trust to get it right from the start.
To decide how expert an estate agent is at valuing your home, ask for figures on what percentage of the asking price they achieve on average.
Check and compare
If they get close to 100% then they are valuing accurately. Of course, that’s too late if you’ve had to wait months to sell and have dropped your price in the meantime.
So check out and compare several agents and don’t fall for the first one promising a high price, only to find you will have to reduce it after weeks on the market because there is little buying interest.
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