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Published On: Wed, May 29th, 2019

Homes selling for an average of £4,000 more than asking price in Scotland

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Across Scotland, on average, properties are selling for £4,000 more than their asking price, with the price for sale increasing across much of the country.
In the first quarter of 2019 the average selling price has dropped by around £7,500 to £174,000 while the average asking price has slightly increased by 1.46% to £169,947, according to the Scottish house price report from S1homes.
The average asking price increased across nine of the 13 regions with Renfrewshire and Inverclyde seeing the largest increase of 7.7% to £134,392. The biggest drop was in East Lothian where the average asking price fell by 3.8% to £227,159.

East Renfrewshire, followed by Edinburgh, continues to see the highest average asking prices. In Edinburgh, properties are selling on average for £17,000 more than their asking price, down from £32,000 last quarter. The average asking price increased by 0.7% to £242,466 and the average selling price fell by 5 % to £259,148.
In Glasgow and Dunbartonshire properties sold at £18,000 above their asking price, a reduction of around £14,500 from the previous quarter. The report says that this is driven by 4% growth in the asking price to £141,168 and a drop of £9,000 in the average selling price to £158,867.
Flats continue to sell above their asking price, on average around £23,000 more, which is £8,000 less than the previous period due to the average selling price decreasing by £5,000 to £136,054 whilst the average asking price increased by 2.91%.
Terraced houses are on average selling for £12,500 more than the asking price. The average asking price increased by over £4,000 to £126,686 while the average selling price fell by 4.5% to £139,168.
Semi-detached houses sold for on average £1,000 over their asking price, around £3,000 less compared to the previous period. This is driven by 1.7% growth of the average asking price to £164,375, reflecting sellers pricing more realistically, while the average selling price remained static at the £165,000 mark.
Detached houses are selling for less than expected. The reality gap widened in the first quarter of the year with buyers on average paying £26,000 less than a property’s asking price.
The report suggests that this is due to the marginal decrease in the average asking price by 0.3% and the decrease of the average selling price by over £8,000 to £257,462.
The average asking price of flats has increased across the board, with three bedroom flats seeing the biggest increase of 4.9%, taking the average asking price to £147,220 while the average asking price of houses has increased across the board except on five bedroom homes. The data shows that two bedroom houses have seen the biggest increase of 1.7% to £124,133, followed by three bedroom houses where the price rose by 1.5% to £174,525.
Source : property wire

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