Sellers now achieving 99.4% of asking price – up 2.4% since last year as market remains red hot

The latest data release by estate agent comparison site, GetAgent.co.uk, has revealed that, so far in 2022, the average homeowner in England and Wales is achieving 99.4% of asking price, up 2.4% when compared to the same timeframe last year.

GetAgent pulls data from all of the major property listing portals which are then cross-referenced with the Land Registry using their proprietary algorithms and input from partner agents, to see where sellers have achieved the best price for their property compared to the price they listed it for sale at.

Current market performance
At 99.4%, the average home seller in England and Wales is achieving 2.4% more for their property when compared to this time last year. However, in no less than 41% of postcodes, sellers are achieving 100% or more of their asking price expectations.

Best performing postcodes
The best performing area of the market is the PL34 postcode in Cornwall, where sellers are achieving a huge 119% of asking price so far in 2022. Not only is this the highest level of asking price achieved of all postcodes in England and Wales, the area has also seen the largest increase, up 21.2% on this time last year.

In fact, nine of the 10 strongest performing postcodes have also enjoyed the largest annual improvements.

BA10 in South Somerset (113.7%), LL24 in Conwy (112.8%), LL40 in Gwynedd (111.2%), HR5 in Herefordshire (110.5%), TA16 in South Somerset (110.3%), LL42 in Gwynedd (109.1%), SA66 in Pembrokeshire/Carmarthenshire (108.4%) and LL15 in Denbighshire (107.9%) are home to the highest percentage of asking price achieved, having also seen this percentage increase by between 12.4% and 19% when compared to last year.

Birmingham’s B6 postcode also makes the top 10 strongest performing markets with sellers achieving 111.2% of asking, while the LL63 postcode in Anglesey has seen one of the largest annual increases at 19.7%.

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:

“We’re yet to see a flurry of interest rate hikes dampen buyer appetites in 2022 and despite the wider economic backdrop, property market performance remains red hot across the vast majority of postcodes in England and Wales.

Not only has the average percentage of asking price achieved continued to climb when compared to last year, but over 40% of sellers are exceeding the original price set for their property, while sold prices are slipping below 90% of the original asking price in less than 1% of postcodes.

It remains to be seen just how long the market will continue performing at such a rate, but as it stands, it’s a very good time to sell your home.”