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The average UK property now sells for £10,623 less than the asking price

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Wed 06 Dec 2017

The average UK property now sells for £10,623 less than the asking price

The average home in England and Wales is being sold for almost £11,000 less than the asking price, Zoopla has found.

The property website said final sale prices have slipped 0.32% year-on-year, with vendors in Wales the worst off - where homes are now being sold for 5.87% less than the original list price.


This is followed by the North East of England - at £9,244 less, and the North West of England - at £9,244 less.

Across the UK, accepted offers are, on average £10,623 less than the originally advertised price.

From a regional perspective, properties in the notoriously expensive South East of England are selling closest to the amount advertised – having dropped just 0.83% on last year.

This is followed by the East of England at 0.76% and the West Midlands at 0.46%.

In London, however, final sale prices have slid a huge 2.13% in the past year - knocking £24,875 off the asking price.

Lawrence Hall, spokesperson for Zoopla, comments: "It’s perhaps unsurprising that properties in the south of the country are currently selling closest to their original asking price, as demand for properties in the capital and its surrounding commuter belt remains high.

"Though it is interesting to note that these same areas are the ones that have seen sale values slip furthest from the asking price over the past year, which is perhaps reflective of a slight slowdown in market activity in and around the capital."

A dip in overall sale prices may spell a happy Christmas for new buyers - but according to HouseSimple.com, the number of properties actually entering the market has taken a hit, this quarter.

According to its property index, two thirds of the UK's cities saw a drop in new listings in November - down 22% on average, when compared to October.

Bath is a popular city with home buyers, particularly families moving out of London, but new stock is currently hard to come by with new property listings down 50% on October.

In Watford, a commuter town, there were 40% fewer new sellers advertising their properties last month.

Meanwhile, in London, new sellers in November tumbled by almost a third on October - not one borough saw supply rise, with Kingston upon Thames experiencing a 42.5% drop in new property listings.

Alex Gosling, of estate agent HouseSimple.com , said: "There tends to be a drop off in activity as we approach Christmas, but this year the slowdown has started earlier. It’s been a tough year for the property market having to contend with the aftermath of a disastrous General Election and the fallout from Article 50 being invoked.

"Homeowners may be feeling a little jaded and simply decided it’s best to take stock and start afresh in January.

"On a more positive note, the housing market received a welcome boost in the Autumn Budget, with the Chancellor announcing that he was cutting stamp duty for first time buyers.

"This will hopefully stimulate the bottom end of the market, and feed through to increased housing supply as people further up the chain see more active buyers."