It has been revealed that Richmond and Twickenham homeowners were reducing their asking prices by more than £30,000 over the last 12 months in order to make a sale.

In the 12 months to August 2021, the biggest price discounts were seen in the TW9 (Richmond) postcode.

Across this area, 41 sellers knocked off an average of £-47,662 or -4.08 per cent from the initial asking price.

Over the same period, the lowest hits on price were seen in TW2 (Twickenham), where 99 home sellers reduced their properties by an average of £-18,890 or -2.9 per cent to get the sale going.

To access the data, Property Solvers tracked 249 property transactions between August 2020 and August 2021 using asking prices on Rightmove to actual sold prices on the HM Land Registry.

Property Solvers co-founder Ruban 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.

"It’s relative of course, 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.

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