New Research Reveals Properties In The UK Sold For £10,000 Greater Than The Original Asking Price

New research from TwentyEA reveals that over the last 12 months, properties across the UK achieved an average selling price of 2.5% above the original instruction price, giving vendors an extra £10,000.

TwenyEA’s latest property price data for June 2022 shows that the average price of a home has hit £400,000. The market does not appear to be slowing down, despite homeowners facing increased pressure on their finances, thanks to the cost of living crisis.

Properties in the South West remain popular with home buyers, showing the strongest rates of house price growth over the last 12 months, with asking prices sitting at 18.24%, while growth in inner London is lagging, with the slowest rate of growth at 7.9%.

Wales is seeing the second highest asking price growth at 17.64%, followed by the West Midlands at 16.48% and the North East at 16.4%.

TwentyEA: Asking Prices Year on Year

UK Region Initial Asking Price June 2022 Initial Asking Price June 2021 Percentage Increase
East Midlands £317,188 £279,468 13.5%
East of England £465,324 £417,575 11.43%
Inner London £980,375 £908,706 7.9%
North East £214,044 £183,955 16.4%
North West £283,459 £244,208 16.07%
Northern Ireland £199,556 £177,586 12.37%
Outer London £593,217 £539,700 9.91%
Scotland £233,236 £211,325 10.4%
South East £553,223 £482,512 14.7%
South West £447,479 £378,463 18.24%
Wales £299,183 £254,324 17.64%
West Midlands £337,768 £289,979 16.48%
Yorlshire & The Humber £275,967 £239,981 15%

The research shows that asking prices have risen by an average of 11% over the last 12 months and by 20% since 2019.

The TwentyEA research also reveals that average time to exchange on a property has risen dramatically, with June 2022 figures showing it is sitting at 136 days (4.5 months), 47% higher than the 92 days in June 2019. The time to exchange is measured by the lag in days between the last sale agreed date and the exchanged date.

Stuart Ducker, Strategic Solutions Director of TwentyEA comments: “Our analysis shows that despite soaring inflation and interest rate increases, property prices are still rising across the UK, with eight regions of the UK experiencing year on year asking price increases of more than 13%.

“While rising prices are good news for vendors, the average time to exchange is taking much longer, due to the lack of supply and delays in the chain forming.  If vendors get a sale agreed on their property, it takes much longer to find somewhere they want to live.”

TwentyEA are experts in the UK home mover market, providing smart, specific and intelligent home mover data and insight to help agents better understand the challenges of the industry – and crucially how to apply this knowledge to leverage brand power.

TwentyEA holds the UK’s biggest and richest resource of factual life event data including the largest, most comprehensive source of home mover data compiled from more than 29 billion qualified data points.

TwentyEA’s customer intelligence and engagement solutions leverage data and technology on agent’s behalf, enabling them to connect with target consumers using unique data insights into the key life events that stimulate customer demand.

TwentyEA is part of the TwentyCi group of companies who use data science to improve commercial outcomes for clients.

For further information please visit https://news.twentyea.co.uk or email enquiries@twentyea.co.uk.

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Estate Agents should not all look the same
Estate Agent Talk

How to Become an Estate Agent with No Experience

Breaking into the property industry can seem intimidating – especially if you’ve never worked in it before. But the good news? You don’t need years of experience or fancy qualifications to start a career as an estate agent in the UK. In fact, many successful estate agents started with no background in property at all.…
Read More
buying at auction uk
Estate Agent Talk

9 Advantages of Selling Your House by Auction

Selling your house by auction might seem like a daunting prospect, but it comes with numerous advantages that can make it a highly attractive option. While the traditional method of selling through an estate agent has its place, auctions are increasingly becoming a popular choice for homeowners looking for a swift and reliable sale. Here…
Read More
Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More