New research has identified the UK regions where homes are selling significantly above their list prices, with East Renfrewshire leading the way.
A study conducted, analysing historical Zoopla data, has highlighted the UK areas where properties command the highest premium over their initial list prices. The analysis examined average sale prices, listing prices, and the discrepancies between them to determine where homes are achieving the most significant price increases.
East Renfrewshire: Leading the Market
East Renfrewshire has emerged as the top area where homes sell for the highest amount above their list price. Properties in this region sell for an average of £272,187, compared to an initial list price of £235,479. This results in an average price increase of £36,708.
East Dunbartonshire: A Close Second
East Dunbartonshire ranks second, with homes selling for an average of £262,979, surpassing their list price of £228,824 by £34,155.
Cambridge: Noteworthy Price Increases
Cambridge occupies third place, with homes selling for approximately £31,662 more than their list price. The average sale price in Cambridge is £779,219, while the average listing price stands at £747,557.
Edinburgh and East Lothian: Rounding Out the Top Five
Edinburgh ranks fourth, with homes achieving an average sale price of £329,514, which is £30,627 above the list price of £298,887. East Lothian completes the top five, where properties sell for an average of £284,675, exceeding the original list price of £255,219 by £29,456.
Other Notable Areas
- Stirling: £258,061 (average sale price), £230,189 (list price), £27,872 increase.
- City of Glasgow: £190,742 (average sale price), £163,177 (list price), £27,564 increase.
- South Ayrshire: £173,987 (average sale price), £152,970 (list price), £21,017 increase.
- Kensington and Chelsea: £3,103,765 (average sale price), £3,083,947 (list price), £19,818 increase.
- Argyll and Bute: £224,520 (average sale price), £205,126 (list price), £19,394 increase.
Expert Insights
David Burrows, head of Getamover.co.uk, commented:
“While purchasing a home is a significant financial commitment anywhere in the UK, this study provides valuable insight into the regions where buyers should expect to pay considerably more than the original list price.
The timing of buying or selling can impact prices significantly. Typically, spring and summer are the optimal times for real estate transactions, as demand increases and adverse weather conditions are less likely to disrupt the process. Despite its status as the UK’s most populated city, London struggles to achieve higher sales prices compared to other regions like Manchester and Glasgow, highlighting seasonal fluctuations in the market.”