Properties in South West London have had the biggest reductions from asking price to price at sale according to latest research from Property Solvers.
Tracking 89,582 property transactions between June 2018 and June 2019, Property Solvers’ local house market insights tool revealed that properties in South West London have seen an average difference of £85,142 between asking price and price at sale.
North West London and West London have also seen large differences at £80,299 and £59,192 respectively.
Ruban Selvanayagam, co-founder of Property Solvers, said: “It’s increasingly evident that something is amiss in the marketplace and properties are getting overpriced at the marketing stage.”
“It’s common knowledge in the industry that estate agents frequently provide prospective home sellers with an over-hyped valuation to win instructions.
“In many cases, this leads to homes lingering on the market for much longer than they should.”
The study monitored the entire house sale process from initial listing right the way through to completion, and looked at the asking prices on Rightmove versus the actual sold prices lodged at the HM Land Registry.
Also featuring in the top 20 were properties in areas such as Kingston upon Thames, Inverness, Watford and Redhill.