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.”
Source: Mortgage Strategy