Homeowners across Borehamwood, Elstree and Well End reduced asking prices on their homes by over £13,000 during the past year.

Professional house buying firm Property Solvers tracked 47 property transactions across the WD6 postcode between June 2018 – 2019.

The local house market insights tool, which is updated monthly, showed the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.

It confirmed that homeowners in the WD6 region dropped their prices by an average of £13,544 in the past 12 months.

The data monitored the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and completion.

Property Solvers co-founder, Ruban Selvanayagam said: “Whilst it’s logical to expect a bit of ‘wiggle room’, pricing homes at the right level saves so much time and headaches.

“Some estate agents provide an over-hyped valuation to win the instruction and, in many cases, this leads to properties lingering on the market much longer than they need to.”

Speaking about what homeowners can do, Mr Selvanayagam 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.

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