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Difference between asking and selling prices in Scotland narrows

Flats continue to sell above their asking price typically selling for around £18,000 more, up from £11,000 last quarter, according to the latest index from s1homes. This means that the average selling price for flats increased by over £8,500 to £126,844 while the average asking price rose by around £1,500 to £108,472.

Both the average asking and average selling price of terraced houses increased this quarter, up by £4,000 and £9,000 respectively. Terraced houses on average sell for £11,000 more than their asking price up from £7,000 in the previous quarter.

This quarter the average selling price for a terraced property has increased and is once again higher than the average asking price. It increased by over £8,000 to £150,458. There is less than £1,000 of a difference between the average asking price and average selling price this quarter.

Detached houses are the only property type where a Reality Gap exists and this has remained at 13% for a second consecutive quarter as both the average asking and selling prices increased. Typically detached houses sell for £37,000 less than their asking price.

A breakdown of the figures shows that in Argyll and Bute the Reality Gap has narrowed significantly from £47,000 to £28,000 driven by the increase in the average selling price. The average selling price increased by £21,000 to £156,495.

In Ayrshire the average selling price has increased by £10,000, narrowing the Reality Gap to £21,000, down from £31,000 last quarter. For a second consecutive quarter the average asking price remains relatively static at £146,336.

The Reality Gap has narrowed in East Lothian where on average properties are selling for £27,000 below their asking price compared with almost £36,000 in the previous quarter. The average selling price has increased by £15,000 to £209,349.

In East Renfrewshire, the Reality Gap has narrowed to 6.5% with properties on average selling for £16,000 less than their asking price. Both the average asking price and average selling price have increased, rising by £9,000 and £16,500 respectively.

In Edinburgh, properties are once again typically selling for more than their asking price. This quarter both the average asking price and average selling price increased, the average asking price by £6,000 and the average selling price by £12,500.

In Falkirk, the Reality Gap has narrowed from £24,000 to £15,000 despite the average asking price increasing by £4,500 as the average selling price increased by over £13,500.

The Reality Gap in Fife has widened slightly this quarter with properties typically selling for around £11,000 less than their asking price. The average asking price and average selling price this quarter both increased by around £2,000.

In Glasgow/Dunbartonshire both the average asking price and average selling price have increased by £3,500 and £3,000 respectively. The Reality Gap remained at 5% with properties typically selling for almost £8,000 less than their asking price.

The Reality Gap in North Lanarkshire has narrowed significantly as the average asking price fell and the average selling price increased. Properties are on average selling for £3,500 less than their asking price compared with £10,000 in the first quarter.

In Renfrewshire/Inverclyde the average selling price has increased by over £8,500 and is now higher than the average asking price. Typically properties are achieving their asking prices compared to last quarter when they were selling for around £6,000 less than this.

In South Lanarkshire the average selling price has increased by £6,000 to £127,915 while there has been little change to the average asking price. The Reality Gap has narrowed and buyers are now on average paying £17,000 less than a property’s asking price.

In Stirling/Clackmannanshire, the Reality Gap has narrowed as the average selling price increased and the average asking price fell. Typically properties are selling for around £19,000 less than their asking price compared to £28,000 in the last quarter.

The average selling price in West Lothian has increased significantly by almost £15,000 to £147,669 causing the Reality Gap to narrow from £17,000 to £5,000. The average asking price has increased by over 1.5% to £152,683.

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