Average House Selling Price 17% Below Asking Price

Research by online estate agent Yopa, has found that the average selling price is 17% below the average original asking price meaning many sellers are accepting huge discounted offers.

When Yopa compared the difference between asking price and sale price for 2024 and 2023, the gap had increased in 2024 by 1.1% from 16% to 17.1%.

The average house marketing/average price in the UK in July 2024 is £365,999 (Yopa) and the average selling price is £303,396 (Yopa).  It is not all ‘doom and gloom’ though.  For Rightmove, the average asking price is £373,493, despite being down 0.4%.  Average house asking prices in July 2023 were £373,903 (Rightmove), so asking prices have fallen (but only just) despite higher interest rates meaning the property market is 'holding fast' at present.

Those that do decide to seel lower then the asking price (as mos of us do) are still able to make ‘cheek’ offers and buy at equally lower sale prices.

Comment

Mortgage lenders are cutting rates at present in anticipation of Bank of England interest rate cuts likely in September.  This will improve affordability with more able to afford and borrow more.  This should keep the property markey relatively stable over the next few years.

We also anticipate government help in the form of stamp duty or some form of first time buy tax relief to stimulate the ‘starter home’ market that will have a knock on effect as first time buyers of a few years ago now look to step up the ladder.