BUYERS in nine areas around the U.K. could get their dream home for hundreds of thousands of pounds cheaper than the asking price.
New data has revealed the British beauty spots where average property sales prices are much lower than average listing prices.
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House prices have surged across the UK to reach record highs in recent months with affordability still a major challenge for many buyers.
But those looking to purchase in nine postcodes can bag some major bargains, according to data from house buying company Upstix.
In Salcombe and Lincombe, Devon, buyers can shave 14.69% off the average listed price of a property.
The average price of homes there is £842,271, but the average actual sale price is £718,514 – a £123,757 difference.
In North Sunderland in the north east of England, and the county of Cumbria, buyers face paying £317,612 for a typical property, despite the average listed price being £450,995 – a 29.58% or £133,383 difference.
Meanwhile, in Ellesmere and Cockshutt in the West Midlands, the average listed price of homes is £372,531.
However, the average sales price in the same areas is £297,477 – a 20.15% or £75,054 bargain.
Unsurprisingly, buyers in London could save the most in cash terms when looking at house sales prices versus listed prices.
Properties in the capital city list for an average of £1,503,674, but sell for £1,303,664 – a more than £200,000 gap and 13.30% drop off.
The data from Upstix also reveals that buyers face vast disparities between listed prices and actual house prices across postcodes in the East of England, East Midlands and South East England.
[authenticated-scripts src=”%3Cscript%20class%3D%22palin-poll%22%20src%3D%22https%3A%2F%2Fwww.thesun.co.uk%2Fpollingwidgets%2Fv3%2Fwidget.js%3Fquestion_id%3D113278%26game%3Dpolling%22%3E%3C%2Fscript%3E” type=”embedded” width=”100″ /] [bc_video account_id=”5067014667001″ application_id=”” aspect_ratio=”16:9″ autoplay=”” caption=”Best schemes for first-time buyers” embed=”in-page” experience_id=”” height=”100%” language_detection=”” max_height=”360px” max_width=”640px” min_width=”0px” mute=”” padding_top=”56%” picture_in_picture=”” player_id=”default” playlist_id=”” playsinline=”” sizing=”responsive” video_id=”6352041684112″ video_ids=”” width=”640px”]Buyers in places such as Woodbridge and Rendlesham in Suffolk could bag up to 16.29% off on house prices in these spots, saving potentially £80,261.
In postcodes covering Oakham and Cottesmore in the East Midlands savings of 12.72% can be made, while in the south east Mayfield and Five Ashes in East Sussex buyers can grab an 11.40% saving.
[boxout headline=”Top 10 districts with the biggest discounts”]- North Sunderland
- Ellesmere and Cockshutt
- Woodbridge and Rendlesham
- Salcombe
- Marylebone
- Oakham and Cottesmore
- Mayfair (north) and Grosvenor Square
- Mayfield and Five Ashes
- Bishop’s Stortford
Top areas where buyers face paying MORE than the asking price
Data from Upstix also shows the areas where buyers face paying more for a property than the listed asking price.
In Bradford, West Yorkshire, the average listed price is £44,611 but the average sale price is £56,751 – a 27.21% difference.
Properties in Portsmouth in the south east of England also come with an average sales price of £338,028 despite being listed for £296,949 – a 13.83% difference.
Homes in Middlesbrough and Cumbria have an average sales price of £75,317 despite being listed for an average of £69,021 – a 9.12% saving for anyone buying there.
Meanwhile, postcodes in the West Midlands and the East of England show an up to 5.22% difference in average listed price and average sale price.
In Wolverhampton, in the West Midlands, the average listed price of a home, according to Upstix, is £155,905 with the average sales price £164,009 – a £8,104 difference.
Further east in Radlett, Shenley and Borehamwood, average house price sales sit at £1,005,616, up from an average listed price of £955,742 – a 5.22% difference.
What is happening to house prices?
House prices are on the rise, with the latest data from HM Land Registry showing they increased by 5.4% annually in February.
This was up by around 4.8% in January and takes the average UK property price to £268,319.
HM Land Registry data is considered one of the most accurate house price indexes (HPI) because it’s based on actual sales not listings.
Meanwhile, according to Rightmove‘s HPI, house prices increased by 1.4% in the first few weeks of April, up by more than £5,000, to a record high of £377,182.
The property website said property prices remain resilient despite the stamp duty holiday ending on March 31.
Since April 1, thresholds at which buyers have to pay stamp duty have reverted to 2022 levels meaning they have to pay it from lower amounts.
Colleen Babcock, property expert at Rightmove, said: “We’ve seen our first price record in nearly a year, despite the number of homes for sale being at a decade-high.
“The increased choice seems to be bringing more movers into the market, with both buyer and seller numbers up as the market remains resilient.”
