HOME sellers in Falmouth have dropped their asking price by an average of £9,606 over the past 12 months, according to new data released this week.

House buying firm Property Solvers said it tracked 58 transactions in the TR11 postcode between June 2018 and June 2019 to come up with the average.

Meanwhile, in the TR10 postcode, which covers Penryn, the average drop was £7,991, taken from 20 property transactions.

The average time to sell in Falmouth was 18 weeks, while in Penryn it was 21 weeks.

In TR13, which covers Helston, the average reduction was £6,975, taken from 33 transactions, with a selling time of 16 weeks.

TR12, which covers the Lizard, saw an average of £4,233 from 15 sales and an average time of 18 weeks.

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

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

“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.”

The data for all TR postcodes can be found at www.propertysolvers.co.uk/regional-house-market-insights/data/Truro/