The average property in the England and Wales sells for 3.86% below its asking price according to new research comparing asking and final sales prices.
The gap between average asking and sales prices amounts to £10,623, according to the figures published by Zoopla.
Regionally, homes in the South East of England getting closest to their asking price, with a 3.06% difference. This was followed by the East of England, where final sale prices were 3.16% below asking, and the West Midlands at 3.35% below.
However, sales in Wales saw the biggest gap, with properties selling for 5.87% under asking price. Sellers in the North of England were making also making big cuts in order to sell, with a 5.53% difference in the North East, and 4.46% in the North West.
On an annualised basis, properties in Yorkshire and the Humber have performed the best in terms of closing the gap between asking and final sale, with the figure decreasing by 0.54% from 4.88% to 4.34%.
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These figures will be worrying many homeowners with outstanding mortgage debt who could find themselves in negative equity.
Negative equity describes a situation where the value of a property is less than the amount still owed on the mortgage on that property. This can make it impossible for people to sell their property if they need to move on, or if their repayments become unaffordable, as the sale of the house will not raise enough to pay off the remaining debt, leaving the borrower still owing the shortfall.
At Negative Equity UK, we offer bespoke solutions to help our clients deal with their property debt.
If you are struggling with property debt you can’t afford or you’re trapped in a home in negative equity, take a look at our reviews and contact us on 0161 631 2727 or online at negativeequityuk.com to arrange an initial free, no obligation consultation.