Record number of homes selling for asking price or above

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  • The latest available sold price data from Land Registry reveals more than a third of homes have achieved their final asking price or above (37%), the highest percentage recorded by Rightmove
  • This is a jump from 28% in January 2020, and significantly higher than the long-term average of 23% between 2005 and 2021
  • The frenetic market has led to buyers paying an average of 98.1% of the final asking price, marking the first time the percentage has exceeded 98%
  • In Yorkshire & the Humber 45% of properties have sold for asking price or more, the highest percentage of any region, followed by the North West with 41% of properties

There has been anecdotal evidence since the market re-opened last year of a number of homes going to ‘best and final offers’, and asking prices are currently at a national record of £336,073. Now, a new study of over 12 million home sales in England and Wales can reveal that a record has been set for the percentage of homes that have achieved asking price or above.

Analysis of Rightmove asking prices and Land Registry sold prices between January 2005 and January 2021 shows that 37% of homes that completed in January 2021 were sold for either the final asking price set by estate agents advertising homes on Rightmove, or higher.

Since the housing market reopened last year in May in England and in June in Wales the percentage of homes achieving asking price or above has been steadily increasing to reach this new record.

In January 2020, 28% of homes were achieving asking price or above and the long-term average between 2005 and 2021 is just under one in four homes (23%). The last record was set back in May 2016, when 36% of homes sold for asking price or above.

The best performing region is Yorkshire and the Humber where 45% of sellers saw their home selling for at least the asking price.

There were 18% of homes that sold for over the asking price that completed in January, which is the same as the previous high of 18% in May 2016. The long-term average between 2005 and 2021 for the proportion of homes selling for over the asking price is 10%.

Rightmove Director of Property Data Tim Bannister says: “This unique study quantifies the buyer bidding wars that agents have been reporting since the markets reopened last year, and is further evidence of the unprecedented market that emerged from the various lockdowns with many people deciding they wanted or needed to move as their requirements on space and surroundings changed.

“I would, however, caution against sellers being tempted to ask their agent to put their property on for a price that’s much higher than market value. Although many agents are seeing buyers scrambling to put in offers, if your property is priced too high at the beginning it will stick out like a sore thumb on Rightmove as buyers will compare the asking prices of similar properties in the same area. You need to first get people through the door, even for desirable properties in the hotter areas. My advice would be to listen to your agent’s expert opinion, and be mindful that the market is now showing early signs of cooling.”

About the dataset

This dataset matches individual Rightmove listings to Land Registry transactions and analyses the difference between the final asking price on Rightmove with the eventual sold price. Data runs from January 2005 to January 2021, which is the latest month with sufficient sold price data available from Land Registry. There is currently data available for an estimated 75% of homes that completed in January, compared to an estimated 4% available so far for homes that completed in April, with no data available yet for May completions.

Region  

% of homes selling for asking price or above 

January 2021

 

% of final asking price achieved

January 2021

Yorkshire and The Humber 45% 98.5%
North West 41% 98.2%
East Midlands 40% 98.4%
North East 39% 98.1%
West Midlands 39% 98.3%
East of England 37% 98.4%
South West 35% 98.1%
South East 34% 98.0%
Wales 32% 97.4%
London 30% 97.4%
England + Wales 37% 98.1%

Rightmove

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