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Is The Scottish Housing Market “Reality Gap” Narrowing?

The latest quarterly house price report to be published by a leading property sales website shows a narrowing of what they are calling the “Reality Gap”, the difference between what house sellers hope to sell their properties for and the price they actually achieve.  It means that houses are generally selling for less than their asking price but that the difference is starting to close.

The S1 Homes Scottish house price report reveals that the average asking price across Scotland fell very slightly by 0.52% to £172,237 in the 3 months to September. The average price that properties were actually sold for (as reported by Register of Scotland) increased substantially from £153,822 (April to June) to £163,091 (July to September). This means the average property in Scotland is selling for around £9,000 less than the asking price, compared to £19,000 less just 3 months ago.  Whilst there is no scientific explanation for this it is likely that sellers are now being as realistic as they can be with their asking prices and there is less room for manoeuvre when it comes to purchasers trying to drive a hard bargain.  Whatever the reason it is more obvious than ever that professional advice should be sought as early in the process as possible.

Robert Fitzpatrick, senior Director at the Glasgow Law Practice advises “Property prices vary greatly from area to area and from street to street in some cases.  Only by consulting property professionals at the Glasgow Law Practice can you get the right advice before offering for the property you are interested in.  We will help you to interpret the Home Report, to speak to the selling estate Agents and to guide you through the entire process.  We are always happy to discuss the important early stages of a purchase and I believe that there is no substitute for speaking to us before rushing in with a hasty offer.  Don’t leave it to chance.  Contact us today on 0141 552 9193 or complete our online enquiry form”