PENARTH homeowners were reducing their asking prices over the last 12 months.
The we buy any house firm Property Solvers has revealed the areas in Penarth where home sellers have been reducing their prices the most.
Tracking 87 property transactions between August 2020 and August 2021, they worked out the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.
The data therefore monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.
Across Penarth, sellers were knocking off an average of £-9,262 (or 2.45 per cent) from the initial asking prices in the 12 months to August 2021.
Ruban Selvanayagam, of Property Solvers, said: “Despite what has been a very active market, homebuyers are still, by and large, able to negotiate on prices.
“There is also wider evidence of surveyors down valuing properties that are misaligned with the realities.
“This means that properties end up selling for lower than the original estate agent price estimation.
“It’s relative of course, a more expensive property is likely to see a wider price difference. Nonetheless, when buying, it’s worth checking how much prices are being reduced in your area using our tool.
“For sellers, before listing, we always suggest looking at the widely available free data from HM Land Registry which tracks the prices properties are sold for and not what they are advertised for.
“This tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode.”