18 April 2019
Property Solvers has recently launched its local house market insights tool which tracks the following:
- How quickly residential properties are selling in any UK postcode area;
- The average difference between the asking and sold property prices in any UK postcode area.
Updated on a monthly basis, the easiest way to use the tool is via the direct search function where you can enter your postcode and view the data panels instantly.
You can also search by postcode district to see how it compares with others in the region or county (by selecting ‘Regional Data’ in the navigation tab).
Why Create this Tool?
Property Solvers speak with homeowners every day who are typically in search of a faster sale.
We often find that many have been misinformed with regards to what their properties are truly worth and the amount of time it will take to sell on the open market.
This tool aims to bring a degree of clarity to the marketplace and help people make more informed decisions. We also hope it will assist those working in the property industry and reduce the level of unnecessary speculation, particularly during the initial valuation / appraisal process.
How Quick is a House Sale?
We decided to create a core dataset that indicates how many weeks it typically takes for homes to sell in any given postcode using an estate agent.
We track the initial date the property was listed on Rightmove – the UK’s most popular house sale portal – to the point at which it is marked as officially sold at the HM Land Registry.
During this time, the house sale goes through viewings, offers, negotiations and then on to the conveyancing process prior to exchange and completion.
Whilst we’re not able to track every property transaction, our sample sets are usually large enough to get a decent understanding of sales velocity across the UK.
Asking vs. Sold House Prices
The other dataset incorporated into the tool points to the average differences between asking and sold prices in any given UK postcode.
Often fuelled by estate agents’ determination to win business by any means necessary and ever-confusing measurements like Zoopla’s Zed Index, it becomes a challenge to remove over-inflated valuations ‘engrained’ in people’s minds.
We monitor the price a property initially gets marketed for on Rightmove and compare this figure to what it actually sells for (lodged at HM Land Registry). The aim is to help homeowners understand the risks of valuing a property too high get a better grip on pricing.
For any question regarding this tool, please email us at housemarket@propertysolvers.co.uk.
With estate agency sales taking 2 months as a bare minimum, Property Solvers’ quick cash house sale service guarantees to complete the entire process in as little as 7 days (with no legal or estate agency fees to pay).
This content has been provided to us by the writer, Property Solvers. Whilst believed to be factually correct, we cannot accept responsibility for content contained within it.
