London Homes Sell for Four Per Cent Less than Asking Price

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

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

At a national level, the average property across England and Wales sold for 3.86 per cent below the asking price – 0.32 per cent less than the final sale value of the previous period.

Homes in the south east of England sold closest to their asking price at just 3.06 below, something Zoopla spokesperson Lawrence Hall said was "unsurprising." He continued:

"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."

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Mandy Peters

Conveyancing Solicitors