Why are asking prices in King's Lynn falling short? What every seller needs to know in 2025:
Asking Prices vs. Selling Prices – The Growing Gap
It’s no secret that sellers want the best possible price for their homes. But across the country, asking prices haven’t increased as expected, and in some areas, they’re even slipping.
Here’s what we’re seeing right now:
🔹 The national average asking price dropped by 0.1% last month instead of showing the usual seasonal increase
🔹 Annual house price growth is now just 1.7% overall, meaning the market isn’t keeping up with inflation
🔹 In King’s Lynn, the average asking price in the last 12 months was £255,209, but actual sales have often been lower
For homeowners in King’s Lynn, Wisbech, and the surrounding areas, this means you need a realistic pricing strategy if you want to sell without endless price reductions or delays.
Why Aren’t Homes Selling at Their Asking Price?
1. More Homes on the Market = More Competition
Buyers have more choices than ever.
✔️ The number of new homes listed for sale in January 2025 was 10% higher than in January 2024.
✔️ London and the South East saw even bigger jumps, with 21% and 13% more homes on the market respectively
✔️ This oversupply means buyers can take their time, negotiate harder, and push prices down.
In King’s Lynn, we’re seeing a similar trend: homes are taking longer to sell, and buyers aren’t willing to pay inflated asking prices.
2. The East of England is One of the Slowest-Growing Regions
While some parts of the UK are still seeing solid price growth—like Yorkshire (+5.2%) and Scotland (+0.6%)—the East of England isn’t one of them
✔️ The South East has now overtaken the East of England as the worst-performing region, with just 0.1% annual price growth
✔️ That means sellers in King’s Lynn need to be more flexible on pricing if they want to attract serious buyers.
3. Buyers Are More Price-Sensitive Than Ever
With mortgage rates still relatively high and the cost of living impacting household budgets, many buyers simply can’t stretch to meet high asking prices.
✔️ Even in a busy market, homes need to be priced competitively to get offers.
✔️ Buyers are looking for value and won’t hesitate to negotiate down or walk away if a property is overpriced.
How Does This Affect Home Sellers in King’s Lynn?
If you’re planning to sell in 2025, don’t assume your home will sell for the same as your neighbor’s last year. The market is shifting, and you need a smart strategy to sell quickly and for the best price.
✔️ The average asking price in King’s Lynn is £255,209, but many sales are closing for less
✔️ Some of the highest-value sales in the last 12 months hit £1,450,000, but lower-end sales (especially flats) were much lower, with some selling for £185,000 or less
✔️ In Wisbech, the average sales price was £217,854—again, significantly below asking in many cases
What does this mean? If your property is overpriced, it will sit on the market while buyers go elsewhere.
Top Tips for Selling Your Home Successfully in 2025
💡 Price it right from the start. Overpricing will lead to fewer viewings, and you’ll end up reducing the price later anyway. A well-priced home gets more interest and sells faster.
💡 Look at actual sold prices, not just asking prices. What similar homes are really selling for in King’s Lynn and Wisbech right now? That’s the number that matters.
💡 Be ready to negotiate. Buyers in today’s market have options, so be prepared for offers below asking price. A competitive price from the start will reduce the need for major price cuts later.
💡 Work with a local expert. At My House Online, we don’t just list homes—we help sellers navigate the market with real data and expert advice.
