Despite facing a tough property market in the latter half of 2023, estate agents in England and Wales achieved 96.7% of the asking price on average for homes sold, according to the latest data from estate agent comparison site GetAgent.co.uk.
This figure represents a minimal decrease of just 0.5% from the first half of the year, a commendable performance given the higher mortgage rates and general market uncertainty that characterised the second half of 2023.
The North East region topped the chart, with properties selling for 97.5% of the asking price on average. Other regions, such as the North West and Yorkshire and the Humber, also saw high percentages of asking price achieved, with estate agents in the West Midlands reaching an average of 97%.
Wales, while achieving the lowest average, still managed to secure sales at 95.7% of the asking price, underlining the resilience across the board.
London’s property market remained stable, maintaining an average of 96.5% of the asking price without any decline from the previous six months. In contrast, the East Midlands observed the most significant drop, with a reduction of 0.9% in the average asking price achieved.
Colby Short, co-founder and CEO of GetAgent.co.uk, reflects on the industry’s performance: “To see the percentage of asking price achieved remaining so high is testament to the hard work and resilience of estate agents across the country.”
He also highlights the importance of setting realistic expectations for vendors to facilitate successful sales and expresses optimism for the year ahead: “With demand metrics showing improvements hopefully we will start to see the percentage of asking price achieved increase over the next 12 months.”
