PEOPLE buying homes in the Taunton postcode area have been knocking an average of more than two per cent off the asking price over the past year, according to a 'we buy any house' firm.

But recent activity in the property market suggests some sellers are actually getting more than the asking price.

Property Solvers has looked into 897 property transactions in and around the TA postcode area, comparing asking prices on Rightmove with the actual sold prices lodged at the Land Registry up to this month.

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 discounts in the area saw an average £17,500 knocked off the asking price in TA17 (Hinton St George), representing a drop of 3.59 per cent, although the figures only involved two properties in the high end of the market. The average asking price was £505,000, with a selling price of £487,500 Somerton (TA11) also saw a five-figure drop from the asking price, down £12,300 (3.59 per cent) from £377,073 to £364,773 based on 19 homes sold.

Other locations in the top ten of biggest drop from asking price to selling price were Minehead (TA24); Taunton (TA4 and TA3); Highbridge (TA9); Bridgwater (TA7 and TA5); Burnham-on-Sea (TA8); and Wellington (TA21).

Somerset County Gazette:

Over the same period, the lowest hits on price were seen in TA12 (Martock), where 14 home sellers reduced their properties by an average of £-2,539 (or -0.84%) to get the sale going.

Other areas achieving nearest to their asking price were in Bridgwater (TA6); Merriott (TA16); Dulverton (TA22); South Petherton (TA13); Stoke-sub-Hambdon (TA14); Watchet (Ta23); Crewkerne (TA18); Taunton (TA2 and TA1).

Somerset County Gazette:

Ruban Selvanayagam, 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 is 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.”

A Taunton family whose house had been on the market throughout lockdown finally managed to sell last month.

A would-be buyer offered the full asking price for a their three-bedroom terrace house near the county town centre.

The following day an offer above the asking price was put in by another person and was accepted.

The seller said: "We then put in an offer of the asking price on another property we liked in the town, only for someone else to step in with a higher offer, so we lost out.

"We then viewed a house in Wellington and decided to put in an offer above the asking price so we didn't lose out again."