Homeowners in Oldham drop their prices to secure a sale, during the pandemic.
Date published: 19 July 2021
Homeowners have been dropping their prices across Oldham to secure a sale.
New figures reveal Oldham homeowners were reducing their asking prices by an average of £-4,982 (-2.56%) over the last 12 months.
Professional we buy any house firm Property Solvers has revealed the areas in Oldham where home sellers have been reducing their prices the most.
Tracking 802 property transactions between July 2020 and July 2021, the monthly updated asking vs. sold price difference tool shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.
The data effectively monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.
The biggest price discounts in Oldham were seen in the OL1 (Oldham) postcode.
Across this region, 22 sellers were knocking off an average of £-7,395 (or -4.10%) from the initial asking price in the 12 months to July 2021.
Over the same period, the lowest hits on price were seen in OL14 (Todmorden), where 16 home sellers reduced their properties by an average of £-2,840 (or -1.50%) to get the sale going.
Selvanayagam says: “Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices.
"There is also wider evidence of surveyors down valuing properties that are misaligned with the realities. This means that properties end up selling for lower than the original estate agent price estimation.”
It’s relative as a more expensive property is likely to see a wider price difference. Nonetheless, when buying, it's worth checking how much prices are being reduced in your area using our tool.”
“For sellers, before listing, we always suggest looking at the widely available free data from HM Land Registry which tracks the prices properties are sold for and not what they are advertised for.
"On Rightmove, for example, you can often see previous listings to see how yours compares.”
Selvanayagam concludes: “This tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode.”
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