THE north Essex areas where home sellers have been slashing their prices the most have been revealed.
We buy any home firm Property Solvers has discovered Colchester homeowners were reducing the asking prices by an average of £-8,000 over the past year.
Tracking 813 property transactions between July 2020 and July 2021, the data below shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.
The data effectively monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.
The biggest price discounts in Colchester were seen in the CO6 (Colchester) postcode.
Across this region, 68 sellers were knocking off an average of £-11,162 (or -2.30 per cent) from the initial asking price in the 12 months to July 2021.
Over the same period, the lowest hits on price were seen in CO8 (Bures), where 1 home sellers reduced their properties by an average of £-5,000 (or -1.64 per cent) to get the sale going.
Here are the findings:
Largest House Price Drops (Between July 2020 and July 2021) in the Colchester (CO) Postcode
Postcode Avg. Asking Price Avg. Sold Price Avg. Price Diff Avg. Price % No. of Properties
CO6 (Colchester) £495,444 £484,282 £-11,162 -2.30% 68
CO7 (Colchester) £369,131 £358,578 £-10,553 -2.94% 86
CO14 (Walton On The Naze) £244,260 £233,870 £-10,390 -4.44% 17
CO13 (Frinton-On-Sea) £367,487 £357,234 £-10,253 -2.87% 42
CO12 (Harwich) £269,191 £260,298 £-8,893 -3.42% 47
Smallest House Price Drops (Between July 2020 and July 2021) in the Colchester (CO) Postcode
Postcode Avg. Asking Price Avg. Sold Price Avg. Price Diff Avg. Price % No. of Properties
CO8 (Bures) £310,000 £305,000 £-5,000 -1.64% 1
CO1 (Colchester) £229,687 £224,062 £-5,625 -2.51% 16
CO2 (Colchester) £267,165 £261,311 £-5,854 -2.24% 45
CO15 (Clacton-On-Sea) £267,103 £260,846 £-6,257 -2.40% 86
CO4 (Colchester) £374,753 £367,599 £-7,154 -1.95% 81
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