House sellers asking 20% more than value - report.
Byline: Patrick Scott firstname.lastname@example.org
CURRENT property asking prices in Coventry are more than 20 per cent higher than their value according to Zoopla.
The average asking price for a house in Coventry is PS210,000 according to the property website. However, Zoopla's house price index estimates that the average value house in the area is actually PS173,000 meaning that the current asking prices in Coventry are 21 per cent higher than expected.
In Birmingham asking prices were 19 per cent higher than average values while in Smethwick they were 18 per cent higher and in Sutton Coldfield they were 16 per cent higher. Story Link Anyone for tennis? PS2million Coventry house with courts and swimming pool up for sale In Solihull, Wolverhampton, Cradley Heath, Walsall and Stourbridge current average asking prices were actually less than the estimated market values of the areas.
The biggest discrepancy in the West Midlands was in Stourbridge where the average house should cost PS237,600 according to Zoopla's index but the current average asking price was only PS184,600.
The analysis of Zoopla's data by the Coventry Telegraph found that asking prices in Slough were the most inflated in the UK when compared to the market value estimates.
In Slough the average asking price was PS1.2million compared to an average market value of PS328,000. Story Link Take a look around incredible Honiley Hall - now on sale for a cool PS10m!
Zoopla's Z-Index calculates the estimated price of a property using a secret algorithm to sift through millions of past housing sales and current market prices.
Current asking prices may appear far larger than expected for a number of reasons and will be affected by the types and sizes of the houses currently on the market.
In order to negate these problems only places in which at least 100 houses were being sold were included in the analysis.
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The average house asking price in the region is PS210,000 - the average value is PS173,000