Professional house buying firm Property Solvers has revealed the areas in Halifax, with a HX postcode, where home sellers have been reducing their prices the most.
Tracking 264 property transactions between June 2018 and June 2019, the monthly updated local house market insights tool shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.
The data monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.
The biggest price discounts in Halifax were seen in the HX4 postcode. Across this area, 38 sellers were knocking off an average of £7,072 from the initial asking price in the 12 months to June 2019.
Over the same period, the lowest hits on price were seen in HX6 – where 21 home sellers reduced their properties by an average of £3,757 to get the sale going.
Data also revealed that homeowners with a HX postcode were reducing their asking prices by an average of £5,426 over the last 12 months.
Ruban Selvanayagam, co-founder of Property Solvers, said: "Whilst it’s logical to expect a bit of ‘wiggle room’, its increasingly evident that something is amiss in the marketplace and properties are getting overpriced at the marketing stage.”
“Some estate agents provide an over-hyped valuation to win the instruction and, in many cases, this leads to homes lingering on the market much longer than they need to.”
He continued: “Pricing at the right level saves so much time and headaches.”
So what can homeowners do?
“We always suggest looking at widely available online data from HM Land Registry which tracks the prices properties are sold for and not what they are marketed for. On Rightmove, for example, you can often see previous listings to see how yours compares," said Selvanayagam. “This tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode in real time.”