These 3 Sheffield postcodes are leading the way in the property market - according to a national survey

The gap covers the drop between asking and sold prices, which in some London postcodes hit £836,000. Properties in S13, S2 and S4 fared among the best in the country, all recording drops of less than £2,000.

S13 includes Handsworth, Richmond and Woodhouse, where the price drop was £1,477, putting it third in the top 10 lowest price drop list compiled by we buy any house firm Property Solvers.

S2 includes Arbourthorne, Manor and Highfield, where the price drop was £1,687 between July 2020 and June 2021, putting it sixth in the top 10.

S4 includes Pitsmoor where the price drop was £1833, putting it seventh on the list, which shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.

The index was topped by Saltburn, North Yorkshire, where the price drop was £927. London postcodes recorded the biggest losses with the £836,000 coming in SW1X, which covers Kensington and Chelsea, where the average property price is £3,029,500.

Tracking 21,880 property transactions, 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.

Property Solvers spokesman Ruben Selvanayagam 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.”

Property Solvers uses a monthly updated asking verus sold price difference tool on its website to provide a guide for buyers.

“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,” said Mr Selvanayagam.

“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.

“This tool will be updated on a monthly basis so sellers can see how realistically homes are being priced in their own postcode.”

Visit https://www.propertysolvers.co.uk/we-buy-any-house/#asking-to-sold-price-difference for details.