Revealed: how asking prices for homes have been cut in Mansfield and Ashfield

New data, released by Property Solvers, shows the difference between the asking price of properties and the actual sold price.
New data, released by Property Solvers, shows the difference between the asking price of properties and the actual sold price.

Homeowners in Mansfield and Ashfield wanting to sell their properties reduced their asking prices by an average of £4,196 over the last 12 months, according to new findings.

Sellers in the NG20 Mansfield postcode even dropped their prices by an average of £5,591 to secure a sale.

The figures, which give an insight into the state of the local housing market, have been divulged by quick-sale estate agents, Property Solvers.

The company, a professional house-buying firm, has revealed the areas in Mansfield and Ashfield where home-sellers have been cutting their prices most.

Tracking 493 property transactions between June 2018 and June this year, the firm’s monthly, updated ‘Local House Markets Insights Tool’ shows the average differences between asking prices with estate agents, Rightmove, and their actual sold prices, lodged at HM Land Registry.

The data, therefore, monitors the entire house-sale process, from initial listing, viewings, negotiation, offers and agreement through to the survey process, conveyancing, exchange and, finally, completion.

The average asking-price reduction for the NG17 postcode in Ashfield was £4,063. For the Mansfield postcodes of NG18, NG19, NG20 and NG21, it was £3,924, £3,531, £5,591 and £3,872 respectively.

The biggest discounts were in the NG20 area, where 41 sellers knocked off an average of £5,591 from the initial asking price in the 12 months to June 2019.

Property Solvers’ co-founder Ruban Selvanayagam said: “While it’s logical to expect a bit of ‘wiggle room’, pricing homes at the right level saves so much time and so many headaches.

“Some estate agents provide an over-hyped valuation to win the instruction and, in many cases, this leads to properties lingering on the market much longer than they need to.

“We always suggest looking at widely available online data from HM Land Registry which tracks the prices properties are sold for and not what they are marketed for. With Rightmove, for example, you can often see previous listings to see how yours compares.

“Our insight tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode.”