This is how much Blackpool homeowners had to reduce their house prices by for a sale, and which areas the biggest reductions were found
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Tracking 685 property transactions between August 2020 and August 2021, the monthly updated asking vs. sold price difference tool shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.
The data effectively monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.
The biggest price discounts in Blackpool were seen in the FY8 (Lytham St. Annes) postcode.
Across this region, 151 sellers were knocking off an average of £-8,737 (or -2.97%) from the initial asking price in the 12 months to August 2021.
Over the same period, the lowest hits on price were seen in FY2 (Blackpool), where 64 home sellers reduced their properties by an average of £-3,966 (or -2.74%) to get the sale going.
Property Solvers co-founder Ruban Selvanayagam) said: “Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices.
"There is also wider evidence of surveyors down valuing properties that are misaligned with the realities.
"This means that properties end up selling for lower than the original estate agent price estimation.
"It’s relative as a more expensive property is likely to see a wider price difference.
"Nonetheless, when buying, it's worth checking how much prices are being reduced in your area using our tool.
“For sellers, before listing, we always suggest looking at the widely available free data from HM Land Registry which tracks the prices properties are sold for and not what they are advertised for.
"On Rightmove, for example, you can often see previous listings to see how yours compares.”
Selvanayagam concludes: “This tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode.”
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