Home sellers in the Bath area are being forced to knock thousands off the asking price of their homes, with one postcode seeing an average cut of £27,035.
Over the past 12 months across the BA postcode region, the average knock down was £10,129, with the BA1 postcode seeing sellers reduce their asking prices by an average of £22,258.
Home buying firm Property Solvers, which has collated this data, says houses are not being realistically priced, with some estate agents providing "over-hyped valuations."
Its monthly updated local house market insights tool shows the average differences between asking prices on Rightmove and their actual sold prices lodged with the HM Land Registry.
And tracking 840 property transactions with BA postcodes between June 2018 and June 2019, the area shows a particularly dramatic gap.
The biggest price discounts were seen in the BA7 postcode (Castle Cary area). Across this region, 10 sellers knocked off an average of £27,035 from the initial asking price.
In the BA1 postcode 50 sellers reduced their asking prices by an average of £22,258.
The lowest deductions were seen in BA21 (Yeovil area) – but the 76 home sellers there still discounted their properties by an average of £4,225.
Ruban Selvanayagam, co-founder of Property Solvers, said: "While it’s logical to expect a bit of ‘wiggle room,’ it’s increasingly evident that something is amiss in the marketplace and properties are getting overpriced at the marketing stage.
"Some estate agents provide an over-hyped valuation to win the instruction and, in many cases, this leads to homes lingering on the market much longer than they need to.
"Pricing at the right level saves so much time and headaches."
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Mr Selvanayagam advises homeowners to use the available information to develop realistic expectations of their property’s value.
He said: “We always suggest looking at widely available online data from HM Land Registry which tracks the prices properties are sold for and not what they are marketed for.
“On Rightmove, for example, you can often see previous listings to see how yours compares.”
And of course he points to his company’s easy-to-use tool.
He said: “This tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode.”
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