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House price 'reality gap' narrowing


13th November 2012 | back to article listings BACK    print this article PRINT

The gap between initial UK property prices and the final selling price of a home narrowed in the three months to September, according to a report.

An increase was reported in the average selling prices of flats and terraced houses in the third quarter, which caused the overall "reality gap" to close.

Website s1homes.com commissioned the study and discovered the typical selling price (122,915) for a flat in September was 8% higher than the average asking price (113,853) at the end of June, while detached homes sold for 18% less than their asking price average.

House prices in Scotland fell by an average of 1% to 167,619 overall during the third quarter, but the typical selling price of properties grew by 3.8% over the same three-month period.

The report also said the overall volume of sales dropped during the third quarter, with homeowners snapping up property for around 5% less than the asking price. However, this was nearly 10% lower than in the three months to June.

Copyright Press Association 2012


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