Properties in Edgbaston sold for £17,000 less than their asking prices on average over the last year, the biggest gap in Birmingham, according to analysis by Property Solvers.
The figures, based on 64 sales in the B15 postcode area, show the typical home sold for £421,266, compared with an asking price of £438,459. This was the highest difference between asking and final selling price across the city.
What the data shows for buyers and sellers
For couples with sufficient funds, the trend may make it an ideal time to purchase a property in leafy Edgbaston, a popular commuter area. However, existing homeowners in the area may see the figures as a concern and could pause any plans to sell until the market improves.
The analysis also suggests that entering negotiations with a 'lowball' offer can be worthwhile in the current climate.
Handsworth Wood also sees price gaps
In the nearby B20 postcode area, covering Handsworth Wood, typical homes now cost £277,720, compared with an asking price of £292,890. This area is a much cheaper part of the city but also saw properties selling below asking.
Expert comment on market conditions
Ruban Selvanayagam, co-director of Property Solvers, which carried out the analysis, said: “Although market conditions remain challenging, well-priced homes continue to sell across the country.”
“Buyers are simply more discerning than they were a few years ago and have become much more conscious of value,” he added.
Selvanayagam explained that the gap between asking and achieved prices often reflects sellers testing the market rather than where buyers are actually prepared to transact. He noted that looking at genuinely completed sale prices alongside current asking prices provides a far clearer picture of local market conditions.
