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Ologhai Jones

Percentage Asking Price Achieved

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I'm wondering about how selling prices compare to asking prices. I've found the following, and I just want to check that it's what I'm looking for and that my interpretation of the numbers is correct:

Hometrack.co.uk: Percentage asking price achieved over time by region.

According to the default view for this page (at least for me), East Anglia's ratio is 93.7. Does this mean then that, on average over the time of the chart, a house with an asking price of, say, £250,000 in this region will have sold for around £234,000 or so?

EDIT: I think I have spotted an error (although not a major one) in my interpretation: I assumed that the figures at the top of the chart were averages for the whole period, but it looks as if they just give you the latest figure for each region.

Edited by Ologhai Jones

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I'm wondering about how selling prices compare to asking prices. I've found the following, and I just want to check that it's what I'm looking for and that my interpretation of the numbers is correct:

Hometrack.co.uk: Percentage asking price achieved over time by region.

According to the default view for this page (at least for me), East Anglia's ratio is 93.7. Does this mean then that, on average over the time of the chart, a house with an asking price of, say, £250,000 in this region will have sold for around £234,000 or so?

EDIT: I think I have spotted an error (although not a major one) in my interpretation: I assumed that the figures at the top of the chart were averages for the whole period, but it looks as if they just give you the latest figure for each region.

I think the banks generally achieve 160% of asking price by the time the interest is paid.

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Whenever stats on Asking Prices v. Sold Prices come up, I always ask the question: "Is this based on Initial Asking Price v. Sold Price?", rather than final Asking Price v. Sold price.

Around me in BH15 the difference in Initial v. Final over the last three years has been around 11%.

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I did? I must remember to tell myself later on! :unsure:

Well 93.7 is current for yourself ( red line) x axis is time Y is %

If you're looking for average over time the chart is not what your are looking for unless you're up for a bit of maths (but I think you already know that ) so what was the question again

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Well 93.7 is current for yourself ( red line) x axis is time Y is %

If you're looking for average over time the chart is not what your are looking for unless you're up for a bit of maths (but I think you already know that ) so what was the question again

But they key question: is my original interpretation that 93.7 (or whatever it was) means that the typical selling price for a house in whatever area it was is 93.7% of the asking price, right?

I know it may be a simple question, but I'm a simple person. :)

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But they key question: is my original interpretation that 93.7 (or whatever it was) means that the typical selling price for a house in whatever area it was is 93.7% of the asking price, right?

I know it may be a simple question, but I'm a simple person. :)

That is what the chart appears to be saying.

If that is an accurate representation of reality, or what assumptions (flawed or otherwise) have been made, or what data is used is a question that can't really be answered by anyone other than Hometrack.

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That is what the chart appears to be saying.

If that is an accurate representation of reality, or what assumptions (flawed or otherwise) have been made, or what data is used is a question that can't really be answered by anyone other than Hometrack.

I remember hearing many moons ago (probably on here) that the average selling price was 7% lower than the asking price. That seemed quite low to me at the time, and I found myself wondering what more recent figures looked like. And it looks like 7% is still about right.

I suspect that many sellers would be quite shocked to be offered even 7% below asking.

When we sold in 2007 (at a time where the vague 7% figure was known to me), our buyer was clearly even more of an amateur than we were--they offered around 1.3% below asking and were maybe a bit surprised when we didn't need to consider their offer! :D

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But they key question: is my original interpretation that 93.7 (or whatever it was) means that the typical selling price for a house in whatever area it was is 93.7% of the asking price, right?

I know it may be a simple question, but I'm a simple person. :)

The 93.7 is the current achieved price for that region so you are correct

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I remember hearing many moons ago (probably on here) that the average selling price was 7% lower than the asking price. That seemed quite low to me at the time, and I found myself wondering what more recent figures looked like. And it looks like 7% is still about right.

I suspect that many sellers would be quite shocked to be offered even 7% below asking.

When we sold in 2007 (at a time where the vague 7% figure was known to me), our buyer was clearly even more of an amateur than we were--they offered around 1.3% below asking and were maybe a bit surprised when we didn't need to consider their offer! :D

If you move the cursor over the graph it will give you the percentage for that year /month

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If you move the cursor over the graph it will give you the percentage for that year /month

I don't recall the month the offer was made--only when we moved out. But if I take two or three months off that as being a reasonable guess of when the offer was made, the average at that time in our region was 93.8.

Edited by Ologhai Jones

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As an aside, I found this snippet from that page quite interesting:

Headline prices tend to rise when the proportion of asking prices is over 95%, while prices slide back when the ratio slips below 92%. At 92% the discount becomes too large and headline prices begin to fall.

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