Asking prices are 22% higher than homes sold as estate agents overvalue
Estate agents and sellers are listing properties at far higher prices than what homes are actually selling for, data from Rightmove and BestAgent has revealed.
In March, the average asking price of new listings on Rightmove stood at 365,357. However, the average sold price that month, according to the Land Registry, was 289,818.
That reveals a 22 per cent gap between initial listing prices and what homes are selling for.
Comparing the two indices is not perfect, as Land Registry data relates to completed sales where the price is likely to have been agreed in prior months.
However, the size of the gap still suggests that homeowners are cutting their asking prices significantly.
This is by no means a new phenomenon. In March 2022 there was a near 30 per cent mismatch between the average new listing price on Rightmove and the average sold price on the Land Registry.
In March 2019, when house prices recorded a rare annual fall of 0.8 per cent, the gap was even wider, reaching a whopping 33 per cent.