NEW data has revealed the East Lancashire areas where sellers have reduced their property asking prices the most.

If you have ever moved home you will know just how tricky it can be to secure a sale at times- and you might have to reduce your initial asking price in order to attract a buyer’s attention.

While this is bad news for buyers hoping to make a significant profit on their home, it is good news for buyers hoping for a discount on their new home.

Professional we buy any house firm, Property Solvers, has tracked down Lancashire property transactions made between August 2020 and August 2021.

They looked at 13 BB postcodes to find out which area has the widest asking vs sold house prices.

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.

According to the data, the biggest price discounts in were seen in Blackburn.

In the BB1 postcode 119 sellers were knocking off an average of £5,697 (or -3.66%) from the initial asking price in the 12 months to August 2021.

Therefore, if you are looking for a potential discount on a property this could be the area to house-hunt.

In the BB2 postcode, 121 sellers slashed an average of 3.5 per cent from the initial asking price.

However, the BB6 area of Blackburn hasn’t seen such a large asking price v price sold difference.

48 sellers slashed an average of £5759 off their initial asking price which is a percentage difference of 3.17 per cent.

The BB12 area of Burnley has a fairly wide asking v sold price disparity.

100 sellers in this area slashed an average of £6442 from their initial asking price which is a percentage difference of 3.49 per cent.

On the other end of the spectrum is the BB3 area of Darwen. According to the data, this area has the smallest asking v sold price disparity in East Lancashire.

In the last 12 months, 86 sellers slashed an average of £2995 off their initial asking price which is a percentage difference of 2.13 per cent.

Therefore, if you are looking for a bargain and want to shave some money off your new home then you should probably avoid Darwen.

The BB7 area of Clitheroe isn’t far behind with an asking price v sold price percentage difference of 2.14 percent.

Full data list of East Lancashire areas with the widest asking vs sold house price difference

The data is ordered from smallest percentage difference to largest percentage difference.

What do the property experts think?

A spokesperson for Property Solvers said: “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.”

They conclude: “This tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode."

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.

You can view it for yourself by visiting the Property Solver’s website.

 

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