London homes sell for four per cent less than asking price

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Sales values also fell from the asking price right across England and Wales (Source: Getty)

The average property in London sold for 4.09 per cent under the asking price in the year to September, data from Zoopla has shown.

This was down 2.13 per cent on the year before, when vendors were able to secure an average sale value for just 1.96 per cent under the asking price.

The analysis, which covered the period between August 2016 and September 2017, also showed sales values slipped further from the asking price right across England and Wales.

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The average property in England and Wales sold for 3.86 per cent under the asking price – 0.32 per cent less on the final sale value compared with the previous period.

Homes in the south east of England sold closest to the asking price at just 3.06 per cent below – something which Zoopla spokesperson Lawrence Hall said this was “unsurprising”.

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.

He added: “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.”

Vendors in Wales secured lower final sale values, with properties in the country selling for 5.87 per cent under the asking price. This was the largest gap across all the regions analysed.

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Wales was followed by the north east of England (where there was a difference of 5.53 per cent) and the north west of England (with a difference of 4.46 per cent).

At a local level, properties in Bristol sold closest to their original asking price over the past 12 months, at just 1.9 per cent under.

In contrast, homes in the Yorkshire city of Bradford sold the most under the asking price (6.32 per cent).

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