What are properties achieving?

J

JMR

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Is there any statistics to show what houses are achieving as a percentage of asking price at the moment?
If not, anybody have any anecdotal evidence or would any EA's care to let us know what, say their last ten properties achieved relative to asing price?

Keen to find out if asking price bears any resemblance to actual agreed selling price at the moment.....
 
I don't think that there is any centralised store of actual selling prices and believe that such details are private between the vendor and purchaser.
 
Too many people try to determine whether a property is a "bargain" by reference to (a) the percentage below asking price it sells for or (b) the percentage drop in price since the peak of the bubble.

Because the peak price was irrational and the current asking price could be irrational, these are not good indicators of long-term value.

Look instead to what a similar property is selling for in a similar sized city where property prices have tracked inflation, or try to figure out how much you would expect an occupant of that house to earn, and figure out the value by reference to a reasonable multiple of their salary (say, x 4 plus a deposit of, say, 10%)

Or take the estimated annual rent the house would generate and figure out what you'd need to pay for it to generate a yield of, say, 6% on the purchase price.
 
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