Britons looking to purchase a property this year should be mindful that some areas of the UK are selling for a lot more than their original list price.
New research shows that homeowners in East Renfrewshire, Scotland, are selling their homes for above the list price more than in other parts of the UK.
East Renfrewshire has the highest number of properties sold above the list price in the UK, revealed experts at moving platform Getamover.co.uk using historical Zoopla data.
Houses found in this Scottish location are on average listed at £235,479, however the average selling price is £272,187.
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Property experts revealed which UK areas are selling houses for the most above their listing price
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This means that the average price increase from the original listing is £36,708, the largest increase in all of the UK.
The second biggest difference between a home’s list price and selling price can be found in East Dunbartonshire, Scotland. Here, the average listing price of a house is £228,824, while the average selling price is £262,979.
Interestingly, London homes are seeing a decrease between the list price and the selling price. The experts explained that The City of London is seeing houses listed at around £849,983, and sold at around £807,500, a £42,483 reduction.
Britons looking to move to Manchester will likely find the selling price is more than the list price – but not by much.
Manchester is listing houses at £228,138 on average, and selling at an average of £234,848, which is £6,711 more than the average list price.
The top 10
areas in the UK where homes are selling the most above list price
- East Renfrewshire: £36,708 increase
- East Dunbartonshire: £34,155 increase
- Cambridge: £31,662 increase
- City of Edinburgh: £30,627 increase
- East Lothian: £29,456 increase
- Stirling: £27,872 increase
- City of Glasgow: £27,564 increase
- South Ayrshire: £21,017 increase
- Kensington and Chelsea: £19,818 increase
- Argyll and Bute: £19,394 increase
East Renfrewshire has the highest number of properties sold above the list price in the UK
Head of Getamover commented on the new research and revealed what this means for Britons who want to buy a property in the UK.
He said: “Buying a home is expensive no matter where in the UK you choose to settle down, but a fantastic investment. This study gives huge insight into the most desired areas of the country and where you might find yourself having to pay rather a lot more than the original list price.
“Typically in the UK, the best time to purchase or sell a property is during spring or summertime. By avoiding the colder winter and autumnal months, the risk of having to move during adverse weather conditions like snow and ice is less likely, making a more seamless completion of the sale and getting you in or out of your new home in no time.
“Interestingly, despite London being the most populated city in the UK, it struggles to sell homes above the original list price compared to similar popular areas such as Manchester and Glasgow, which rank higher in the rankings.
“House prices are also affected by the seasons. Prices are higher at certain times of the year, often spiking in the summer months, especially July, in comparison to the colder months mainly after the Christmas period. It has been found that there are more buyers in the market in spring and summer which means prices do not need to be discounted.”