Buyers are willing to pay 10% over the asking price to secure a property in Scotland, new analysis reveals.
Data for the third quarter of this year from Scottish property portal s1homes, found that the average selling price has increased by 3% over the three months to £181,572 while the average asking price has slightly decreased by 0.7% to £165,635.
This means sellers are now getting on average almost £16,000 more than they initially expected for their properties, an increase of £7,000 compared with the previous quarter.
Flats are typically selling for £33,000 more at £143,303, while terrace houses on average sell for £25,000 more at £141,258 and semi-detached houses for £11,000 more, the portal claims.
Sellers of detached houses were the only type that saw their listings sell for less than they asked.
Detached houses sold for £263,451 on average, almost 7%, or £19,000, below the average asking price during the third quarter.
Martin Devlin, head of sales at s1homes, said: “This quarter has shown a significant increase in the average selling price across Scotland, particularly for flats and in the main two cities, Glasgow and Edinburgh, resulting in buyers willing to pay over the asking price to secure the property.
“This means that for those people thinking of selling, now is a good time to put their properties on the market, but they should make sure that they price them competitively, particularly at the higher end of the market.”
http://www.s1homes.com/house-price-report/downloads/2018-Q3.pdf
Comments (2)
The Scottish system is completely different.
Thats like saying “houses in England crashed/tumbled and ended up selling for 10% less than the guide price.
Normal PIE.
You are quite correct JonnyBanana43
We still have Home Reports (a form of your defunct HIP’s) which contain a Mortgage Valuation Figure as a guide for Buyers. Dependent upon where the property is located in Scotland the agent will set an Offers Over price lower than the Mortgage Valuation with a view to acheiving or exceeding that value, a “Premium” so to speak, which varies from area to area and for property styles/demand.
The “Premium” aspect can be interesting once we talk about it actually relating to the excess over the Mortgage Value rather than the below Mortgage Value asking/Offers Over price, I have experience of Premiums ranging from 10% to 50%, very occasionally more.
I spend a lot of time helping/explaining to buyers, typically from England or Wales, how the Scottish system works and usually that removes the “mystery” element of Homebuying in Scotland. This year I have Sold properties located in the far north of Scotland to the far south and between Glasgow/West & Edinburgh/East ….so it keeps my job interesting!
The Scottish system has many good points for both Seller & Buyer.
There endeth my sensible post of the day!