There’s good news for buyers and sellers in the most recent set of property sales figures

04/03/2019 12:33:53

Properties in Scotland sold for an average of 8.5% above their asking price in the last quarter of 2018, newly published figures reveal.

Competition for homes generated, on average, £14,000 above expectations, according to the report by S1Homes, compared with an average of £1,500 below the asking price in the previous three months.

The highest premiums were achieved by sellers of flats, who typically achieved around £31,000 over the asking price, compared with £23,000 for sellers of terraced houses and £4,000 for semi-detached houses.

The quarterly report compared asking prices of more than 20,000 properties for sale with the actual prices achieved as recorded by the official government agency, Registers of Scotland.

Homes in Glasgow saw properties selling at, on average, around £32,000 above their asking price with a similar figure achieved in Edinburgh.

Homes marketed by Scottish Property Centre included a two-bedroom flat in Ledard Road, Battlefield which was put on the market for £169,000 in October and was under offer within seven days, selling for £210,000, 24% over the asking price.

The following month, a three-bedroom flat in Halbert Street, Shawlands was under offer within three days of going on the market, selling for £190,485 - more than £30,000 over the asking price - while a three-bedroom, semi-detached villa in Kings Park Avenue sold for £220,168, more than £50,000 over the asking price.

Other properties that achieved figures over the asking price included a three-bedroom upper conversion in Myrtle Park, Crosshill, which went on the market at the start of December for £195,000, eventually selling for £230,100; and a one-bedroom flat in Cartside Street, Langside, which sold for £24,300 over the £79,000 asking price.  

Average selling prices in Fife and North Lanarkshire saw no significant changes in the last quarter, with properties being sold for around £9,000 and £11,000 above their asking price respectively.

Argyll & Bute, South Lanarkshire and Falkirk provided buyers with some great deals, with properties selling for £1,000 or less than their average asking price.

Buyers looking to purchase a house in East Renfrewshire were able to buy a property for an average of £15,000 below the asking price.

Gregor Cope, Director of Scottish Property Centre Shawlands said sellers of low to mid-priced properties were happiest with prices achieved but that there continues to be a ‘reality gap’ among sellers of higher priced properties.

Meanwhile, another report showed that prices in Glasgow continued to rise during the same period, with average properties selling for £162, 291 - 3.6% up on the previous year.

Areas surrounding the city were in the top four most expensive places in Scotland to buy a home, with prices in East Renfrewshire 52% above the national average and East Dunbartonshire at 44%.

Despite property markets across Scotland remaining busy, uncertainty over Brexit and property tax policies are impacting the confidence among consumers and property buying decisions, according to the report.

For more information on property prices in your area, call your local Scottish Property Centre Branch or visit www.scottishpropertycentre.net

 

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