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Increase in property asking prices across Scotland

The s1homes Scottish house price report shows that during the second quarter of 2011, the average advertised asking price in Scotland grew from £168,632 in Q1 2011 to £173,144.

The report also compares the average asking price to the average selling price published by Registers of Scotland and shows a narrowing of the gap, as the average selling price of £146,253 in January to March increased to £153,820 in April to June.

Regionally, East Renfrewshire saw the biggest asking price increase of 8.47% with Edinburgh and Renfrewshire/Inverclyde seeing over 5% growth. The biggest drop was in Fife where prices fell by 4.71%.

The majority of regions saw a decline in the gap between the average asking and selling prices, however Argyll & Bute, Renfrewshire/Inverclyde, North Lanarkshire and Stirling/Clackmannanshire all saw the gap widen.

Managing Partner of Corum Property, John Kelly said;

“This is an interesting piece of analysis and like all such documents reflective of "trends" and aggregates. Year to date I am pleased to confirm that we have a price premium of around 4% – which accounts for sales achieving up to over 20 % over the asking price at the top end to some under at the bottom end. We have the confidence that a good house in a good area can attract a premium and, notwithstanding the economic / market conditions, frequently do.”

Sandy Penny, Director of Property Services at Neilsons Solicitors & Estate Agents said,

“In general we would agree with the comments regarding the gap closing between average asking prices and average selling prices. Restrictions on Bank and Building Society mortgage funding to First Time Buyers continues to frustrate this end of the market but it is clear that sales can be achieved if the upset price is fair and reasonable, and the property is given good exposure during the initial marketing period.”
The report, published quarterly, samples around 20,000 properties advertised on s1homes.com every month and provides up to the minute trends in the various property markets throughout Scotland.



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