With the Covid pandemic affecting nearly every single aspect of our lives, it’s no surprise the real estate industry also had to adapt to changes.

New data shows Swindon homeowners were reducing their asking prices by around 2.30% (an average of £7,837) in order to sell their homes over the last 12 months.

Residents in Marlborough with an SN8 postcode were the most affected, having to lower the asking price by an average of £16,412 (3.18%).

Firm Property Solvers tracked 1,038 property transactions between July 2020 and July 2021.

Their monthly updated asking vs. sold price difference tool 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 Swindon were seen in Marlborough. Across this region, 58 sellers were knocking off an average of £16,412 from the initial asking price in the 12 months to July 2021.

Over the same period, the lowest hits on price were seen in SN1, where 61 home sellers reduced their properties by an average of £4,905 (or 1.88%) to get the sale going.

Ruban Selvanayagam, co-founder of 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 as 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. On Rightmove, for example, you can often see previous listings to see how yours compares.”