HOMEOWNERS hoping to sell properties in Chester have been having to reduce their asking prices by an average of around £6000 over the past year, according to a property sales firm.

The average reduction for Chester folk aiming to sell and move to a new home was said to be £6337, according to home sales firm Property Solvers.

People in the CH3 postcode area, which includes Vicars Cross and Boughton, reduced their asking price by the biggest amount, with an average of £8552 knocked off the price in order to secure a sale.

Across this postcode area, 71 sellers were knocking off an average of £8552 from the initial asking price in the 12 months to August 2021.

Meanwhile, during the same period, the lowest hits on price were seen in CH1, which includes Chester city centre, where 30 home sellers reduced their properties by an average of £4942 to secure the sale.

Property Solvers also revealed that home sellers in CH1 CH2 and CH4 were also reducing their prices the most.

The firm tracked 267 property sales via Rightmove between August 2020 and August 2021, looking at the monthly asking versus sold price difference by checking with HM Land Registry.

And the data, which is updated monthly, checks the entire house sale process from initial listing, viewings, negotiation, offers and agreement through to the survey process, conveyancing, exchange and finally completion.

Wider price difference

Ruban Selvanayagam from Property Solvers said: “Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices. There is also wider evidence of surveyors down valuing properties that are misaligned with the realities. This means that properties end up selling for lower than the original estate agent price estimation.

"It’s relative, of course - a more expensive property is likely to see a wider price difference. Nonetheless, when buying, it's worth checking how much prices are being reduced in your area using our tool.

“For sellers, before listing, we always suggest looking at the widely available free data from HM Land Registry which tracks the prices properties are sold for and not what they are advertised for.”