Scots can expect to bank £10,000 more than their property asking price

The average selling price was at its highest in Q3 at £178,370, ending the year with a decrease of 1 per cent to £176,063, while the average asking price throughout 2017 remained steady at around £166,000.

The quarterly house price report published by s1homes.com analyses the Reality Gap showed that owners of semi-detached houses, terraces and flats in Scotland are exceeding asking prices, with the amount they can expect to achieve over asking price narrowing, as the type and value of the property increases.

Q4 2017 saw flats selling for £27,000 more than their asking price, terraced houses for £21,000 more and semi-detached properties for £10,000 more.

As you get to the higher end of the market, the ‘Reality Gap’ very much still exists, with detached properties selling for 11% less than their asking price in Q4.

Ewan Stark, managing director of s1homes, said: “The demand for properties in Scotland has driven up the selling price across Scotland, more notably at the lower end of the market. We fully expect the demand to continue to produce a competitive property market throughout 2018.”

Regional analysis shows that it’s still possible to purchase a house under the asking price in Argyll & Bute, East Renfrewshire and West Lothian. The biggest gap was in Argyll & Bute where buyers can purchase a property for 9% (£15,000) below the asking price.

Scotland’s two largest cities continue to be hot property. In Edinburgh properties sold for around £22,000 more than their asking price in Q4. Asking prices are now following suit, increasing by 4.28 per cent in Q4 to £232,057.

Glasgow/Dunbartonshire ended the year with buyers having to shell out £30,000 more than the asking price to secure a property.

The Scottish House Price Report due to be published quarterly, compares the asking prices of over 20,000 properties for sale on s1homes with the actual prices achieved as recorded by the official government agency, Registers of Scotland, and provides trends in the various property markets throughout Scotland.

The full report including regional breakdowns is available at www.s1homes.com/house-price-report