Resi Investment to Avoid? Areas where asking prices are routinely exceeded

New research has found the UK areas selling homes the most above list price.

The study by experts at moving platform Getamover analysed historical Zoopla data for homes sold at above the list price. The average sale price, average listing price and the difference between the two were considered.

The analysis found that East Renfrewshire has the highest number of properties sold above the list price in the UK. On average, a home in East Renfrewshire is sold for £272,187, but homes are listed initially at an average price of £235,479. This means that potential buyers who are looking to purchase a house in this area are seeing an average price increase of £36,708. 

East Dunbartonshire takes second place, with the average home in this area selling for £262,979 compared to its £228,824 list price. The average difference between its sale price and what it originally listed is £34,155. 

Cambridge comes third on the list, where homes sell for around £31,662 more than originally listed. The average sale price for a home in Cambridge is £779,219, but houses tend to be listed for around £747,557. 

In fourth place is Edinburgh, with an average selling price of £329,51; homes in this city tend to be listed at £298,887. The price increase tends to leave potential buyers needing an additional £30,627more than anticipated. 

Completing the top five is East Lothian, where homes tend to be listed on average at around £255,219. Despite the original list prices in the area, homes typically sell for £284,675, which is £29,456 more than the original price range. 

The City of London is seeing houses sold on average at £807,500. However, homes are typically listed at around £849,983, which is a £42,483 reduction in price.  

On the other hand, Manchester is listing houses at £228,138 on average, but the properties on the market are selling at an average of £234,848, which is £6,711 more than the average list price. 

The top 10 areas in the UK where homes are selling the most above list price  

“Typically in the UK, the best time to purchase or sell a property is during spring or summertime. By avoiding the colder winter and autumnal months, the risk of having to move during adverse weather conditions like snow and ice is less likely, making a more seamless completion of the sale and getting you in or out of your new home in no time” says the head of Getamover, David Burrows.

“Interestingly, despite London being the most populated city in the UK, it struggles to sell homes above the original list price compared to similar popular areas such as Manchester and Glasgow, which rank higher in the rankings. House prices are also affected by the seasons. Prices are higher at certain times of the year, often spiking in the summer months, especially July, in comparison to the colder months mainly after the Christmas period. It has been found that there are more buyers in the market in spring and summer which means prices do not need to be discounted.”