South-west London

Houses in south-west London selling for £85,000 less than asking price

South-west London has the highest average differential between the asking price for houses and the sold price, according to the latest research by Property Solvers.

The house buying firm’s local house market insights tool shows the average differences between asking prices on Rightmove and their actual sold prices recorded at the HM Land Registry.

It found that the average difference between asking and sold prices in the south-west London region was £85,142.

Property Solvers tracked 89,582 property transactions in England, Wales and Scotland between June 2018 and June 2019.

Its latest update represented the top 20 regions with the widest disparities:

Property Solvers local house market insights tool

“Bar Inverness, all of the top 20 largest gaps between asking and selling prices are in Greater London and surroundings,” said Ruban Selvanayagam, co-founder of Property Solvers.

“This clearly demonstrates that a certain level of realism regarding selling conditions has yet to filter through to the market.

“It's 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.”

Leave a comment