Agents achieving asking price or above as market remains buoyant
Some areas of the country are seeing bids well in excess of asking price, as sellers enjoy bumper period.
Almost every seller is achieving the asking price for their property as the housing market remains solid, despite recent interest rate increases, research shows.
New figures show that the average homeowner in England and Wales receives 99.4% of the advertised amount.
This result represents a jump of more than 2% on last year, according to the statistics from comparison firm GetAgent.co.uk.
In some places, homeowners are seeing bids significantly above their desired price – this is the case in 41 postcodes.
The most impressive performance was in the PL34 postcode of north Cornwall, around Tintagel, where sellers are achieving 119% of asking price. This is more than 21% higher than in 2021.
Other top performers included postcode BA10 in South Somerset (113.7%), LL24 in Conwy (112.8%), LL40 in Gwynedd (111.2%), HR5 in Herefordshire (110.5%), TA16 in South Somerset (110.3%), LL42 in Gwynedd (109.1%), SA66 in Pembrokeshire/Carmarthenshire (108.4%) and LL15 in Denbighshire (107.9%).
These postcodes are home to the highest percentage of asking price achieved, having also seen this percentage increase by between 12.4% and 19% when compared to last year.
Birmingham’s B6 postcode also makes the top 10 strongest performing markets with sellers achieving 111.2% of asking, while the LL63 postcode in Anglesey has seen one of the largest annual increases at 19.7%.
Red hot performance
Colby Short, co-founder and CEO of GetAgent.co.uk, (pictured) says: “We’re yet to see a flurry of interest rate hikes dampen buyer appetites in 2022, and despite the wider economic backdrop, property market performance remains red hot across the vast majority of postcodes in England and Wales.
“Not only has the average percentage of asking price achieved continued to climb when compared to last year, but over 40% of sellers are exceeding the original price set for their property, while sold prices are slipping below 90% of the original asking price in less than 1% of postcodes,” he added.
“It remains to be seen just how long the market will continue performing at such a rate, but as it stands, it’s a very good time to sell your home.”