Home buyers across Scotland are prepared to pay more for properties, with the average selling £9,000 above their asking price.
The latest quarterly house price report published by s1homes.com reveals that in Q1 of this year, properties across Scotland are selling on average 5% above their asking price, meaning that on average buyers are willing to pay up to £9,000 more.
The report shows that flats and terraced houses are bringing in the most profit for sellers, with flats selling for £29,000 more than their asking price and terraced houses for £20,000 more.
READ MORE: House sellers' typical asking prices hit new record of £308,075
As a home buyer you can find a great deal on a detached property, where a Reality Gap exists (the difference between what sellers hope to sell their properties for and the price they achieve), with these actually selling for 10% less than their asking price in Q1.
Martin Devlin, Head of Sales at s1homes said “This quarter’s report continues to reflect the confidence in the overall market with average selling prices across Scotland higher than asking prices. What’s also apparent is that owners of detached properties are firmly sticking to their prices despite no evidence of buyers being willing to meet their expectations.”
Commenting on Scotland’s capital performance, Senior Property Manager Pauline Smith from Watt Property said: “As expected, Edinburgh property prices soar in comparison to the Scottish average selling price. As in the last quarter of 2017, demand continues to outweigh supply and we have seen an increase of over £10,500 in the average selling price, with only a very slight increase in the average asking price to £233,615.”
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Glasgow/Dunbartonshire is another region where the average property sells for more than the asking price with sellers achieving £27,000 more than expected.
There is some good news for buyers looking to purchase a house in Argyll & Bute, East Renfrewshire, West Lothian and South Lanarkshire, where you can still buy a property for under the asking price, with the biggest gap in West Lothian where buyers are purchasing properties for 6% (£11,000) less than a property’s asking price.
The quarterly Scottish House Price Report published by s1homes.com analyses the Reality Gap, the difference between what sellers hope to sell their properties for and the price they actually achieve.
READ MORE: Scottish house prices to 'outstrip London'
The report, published quarterly, compares the asking prices of over 20,000 properties for sale on s1homes with the actual prices achieved as recorded by the official government agency, Registers of Scotland, and provides trends in the various property markets throughout Scotland.
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