Top-end homes 'typically sell for around £250,000 less than asking price'
Sellers of top-end homes are shaving around a quarter of a million pounds off their original asking prices typically in order to agree a deal, research has found.
Properties in the £2 million-plus bracket are being sold at £296,000 less than their asking price on average, according to analysis from EstateAgent4Me.
Across England and Wales, homes originally priced in the £1.75 million to £2 million bracket are being sold with an average discount of £225,775, it found.
Closer to the "middle" range in the market, a typical property listed at £300,000 would be likely to sell for around £291,000 - a reduction of £9,000, the research suggests.
Properties in the £100,000 to £125,000 bracket are selling for discounts of just under £7,000 on average, the research found.
The analysis, covering the first half of 2017, used data from thousands of estate agents as well as Land Registry figures.
The findings were made using the free EstateAgent4Me tool on the website of home owners' group the HomeOwners Alliance. The tool allows people to compare local estate agents.
Paula Higgins, chief executive of HomeOwners Alliance, said: "There are significant reductions at the top end of the market."
Here are the average discounts being made on homes at the top end of the market across England and Wales, according to the EstateAgent4Me research:
- £2 million-plus - £296,278
- £1.75 million to £2 million - £225,775
- £1.5 million to £1.75 million - £142,219
- £1.25 million to £1.5 million - £92,970
- £1 million to £1.25 million - £77,716
And here are the average discounts being made at the other end of the market, according to the research:
- £175,000 to £200,000 - £7,741
- £150,000 to £175,000 - £7,405
- £125,000 to £150,000 - £7,082
- £100,000 to £125,000 - £6,915
- Under £100,000 - £5,030