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    "result": {"data":{"glstrapi":{"newsBlog":{"Title":"What's in an asking price?","Text":"<p>When selling, we can't help mentally banking on the full asking price as we search for a new home, but is that realistic? Will we end up with anywhere near the original asking price, or will we have to accept a lower offer and reduce the asking price at some point to achieve a sale?</p>","Slug":"what-s-in-an-asking-price","Date":"2023-10-30","news_category":{"Title":"SALES","Slug":"sales-and-lettings"},"Image":{"alternativeText":"","url":"https://ggfx-rolstons.s3.eu-west-2.amazonaws.com/i.prod/887551_1_e56bfc99f6.jpg","url_sharp":{"childImageSharp":{"gatsbyImageData":{"layout":"constrained","backgroundColor":"#084898","images":{"fallback":{"src":"/static/9e849c793004cb2ebb06f06113098482/e9fbf/887551_1_e56bfc99f6.jpg","srcSet":"/static/9e849c793004cb2ebb06f06113098482/47073/887551_1_e56bfc99f6.jpg 210w,\n/static/9e849c793004cb2ebb06f06113098482/92751/887551_1_e56bfc99f6.jpg 420w,\n/static/9e849c793004cb2ebb06f06113098482/e9fbf/887551_1_e56bfc99f6.jpg 840w,\n/static/9e849c793004cb2ebb06f06113098482/92058/887551_1_e56bfc99f6.jpg 1680w","sizes":"(min-width: 840px) 840px, 100vw"},"sources":[{"srcSet":"/static/9e849c793004cb2ebb06f06113098482/5dc88/887551_1_e56bfc99f6.webp 210w,\n/static/9e849c793004cb2ebb06f06113098482/239c3/887551_1_e56bfc99f6.webp 420w,\n/static/9e849c793004cb2ebb06f06113098482/61848/887551_1_e56bfc99f6.webp 840w,\n/static/9e849c793004cb2ebb06f06113098482/831ed/887551_1_e56bfc99f6.webp 1680w","type":"image/webp","sizes":"(min-width: 840px) 840px, 100vw"}]},"width":840,"height":480}}}},"Author":{"Image":{"alternativeText":"","url":"https://ggfx-rolstons.s3.eu-west-2.amazonaws.com/i.prod/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.png","url_sharp":{"childImageSharp":{"gatsbyImageData":{"layout":"constrained","backgroundColor":"#080808","images":{"fallback":{"src":"/static/0fd37765a8461f6750458ea6bfeb047d/1c9ce/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.png","srcSet":"/static/0fd37765a8461f6750458ea6bfeb047d/fbc98/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.png 16w,\n/static/0fd37765a8461f6750458ea6bfeb047d/914ee/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.png 32w,\n/static/0fd37765a8461f6750458ea6bfeb047d/1c9ce/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.png 64w,\n/static/0fd37765a8461f6750458ea6bfeb047d/bf8e1/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.png 128w","sizes":"(min-width: 64px) 64px, 100vw"},"sources":[{"srcSet":"/static/0fd37765a8461f6750458ea6bfeb047d/e789a/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.webp 16w,\n/static/0fd37765a8461f6750458ea6bfeb047d/ef6ff/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.webp 32w,\n/static/0fd37765a8461f6750458ea6bfeb047d/8257c/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.webp 64w,\n/static/0fd37765a8461f6750458ea6bfeb047d/6766a/Chat_GPT_Image_Aug_11_2026_05_32_28_PM_3cf5760110.webp 128w","type":"image/webp","sizes":"(min-width: 64px) 64px, 100vw"}]},"width":64,"height":64}}}},"JobTitle":"Sales Director / Head of Sales","Name":"Paul Tindley","Position":2},"Content":[{"id":"653f80c1de41dcb300f4d550","moduleType":"NormalText","moduleData":{"Text":"<p><strong>When selling, we can&rsquo;t help mentally banking on the full asking price as we search for a new home, but is that realistic? Will we end up with anywhere near the original asking price, or will we have to accept a lower offer and reduce the asking price at some point to achieve a sale?</strong></p>\n<p>The answer depends on the state of the market, not just nationally, but on a local, micro-market level, too. It&rsquo;s pretty obvious, but on a rising market, you are more likely to get closer to your asking price and vice versa in a falling one. For the past 12 months, we have been in a relatively price-sensitive environment, so reductions and discounts are becoming more common.</p>\n<p>Whether you have to do any repricing will also depend on whether you got your asking price right in the first place. Unfortunately, it is far too common for sellers to be seduced by a high valuation when choosing their agent and then have to make reductions before the property goes stale. It will also depend on whether your home is one of many similar ones to choose from, in which case you will need to be more competitive, or whether it is a unique and highly desirable home when you need to be less so.</p>\n<p>So, who&rsquo;s discounting now, when are they doing it, and by how much? Data from Zoopla shows the average agreed discount on the asking price is 4.2% or &pound;12,125. At 4.8%, discounts are greatest in London and the Southeast compared to 2.8% for the rest of the UK.</p>\n<p>36% of properties that have recently been sold have also had to reduce their original asking prices at least once. Most of that repricing activity occurs because the property has been on the market for too long without interest. Typically, that is around 90 days, which is much longer than it takes to sell the average property - currently 57 days (source: Rightmove).</p>\n<p>Even so, 24% still have to reduce their asking prices in that initial 90-day period to generate some interest, which then jumps to 61% after that. 41% of sellers reduce their prices by up to 10% and 21% by more than 10%. Most, though, start with small reductions, with 6 out of 10 initially trimming their prices by just 5%.</p>\n<p>It should be remembered, though, with all this talk of reductions, that around two-thirds of properties still sold at their original asking price, albeit often with a negotiated discount. And as 40% of all listings have been on the market for over 90 days, some of them would have been on the market for some time, too.</p>\n<p>How will you know, then, if it&rsquo;s time to start discounting? The best starting point is your local agent. They will have in-depth knowledge of the local market conditions and get regular feedback on the property from any viewings. It means they will have a pretty good idea if you need to try and generate some additional interest.</p>\n<p>In most areas, with affordability stretched and mortgage costs increasing, the balance is now in favour of buyers, so sellers need to be realistic about their pricing aspirations. As a rough rule of thumb, the current average time for a sale is 57 days or 63 days in London (source: Rightmove), and the average number of viewings to achieve that sale is between 8 and 12. If you aren&rsquo;t getting any offers after three months or a dozen or so viewings, it&rsquo;s probably time to start thinking about reducing your asking price.</p>\n<p><img src=\"https://ggfx-rolstons.s3.eu-west-2.amazonaws.com/i.prod/articlesubimage_4321aa5d9a.jpg\" alt=\"Asking price\" /></p>\n<p>If you'd like to talk to an agent for more personalised advice, our team are always on hand to help. We'd love to hear from you, whether it's just a quick chat or a no-obligation property valuation.</p>\n<p>Warm wishes,</p>\n<p>The team at Rolstons</p>\n<p>&nbsp;</p>\n<p><strong>FURTHER INFORMATION</strong></p>\n<p><a href=\"https://www.rolstons.co.uk/about/our-company/our-people/\">Contact Matthew Marchant</a></p>","Title":"","moduleClass":null,"sectionSpacing":null}}]}}},"pageContext":{"id":"653f80c1de41dcb300f4d54f","slug":"what-s-in-an-asking-price"}},
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