HOUSE sellers in North Wales have been forced to reduce prices by more than £17,000 to secure sales.

Research by house selling company, Property Solvers, has compared prices quoted on sales websites with the actual price achieved from Land Registry records for the past 12 months.

The research tracked 983 property transactions in North Wales

The data monitored 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 were seen in post code areas LL30, LL42 and LL52, which cover Llandudno, Conwy, and areas of Gwynedd. Across these areas, 55 sellers reduced their initial asking price by an average of £17,729.

Over the same period, the lowest hits on price were seen in the LL68, LL71 and LL72 postcodes, all in Anglesey, where 14 home sellers reduced their properties by an average of £2,183 to get their sales going.

A spokesman for Property Solvers said: “Whilst it’s logical to expect a bit of ‘wiggle room’, its increasingly evident that something is amiss in the marketplace and properties are getting overpriced at the marketing stage.”

“Some estate agents provide an over-hyped valuation to win the instruction and, in many cases, this leads to homes lingering on the market much longer than they need to. Pricing at the right level saves so much time and headaches.”