Home sellers 'being unrealistic'

Scots selling their homes are having to settle for offers about 10% below asking prices, according to analysis by property website S1homes.

Comparing advertised prices with the official register of sales, the Glasgow-based company said the "reality gap" between asking and selling prices averaged more than £15,000.

It also said the gap was widest for more expensive properties.

S1homes said sellers were setting "unrealistic" prices for their homes.

Detached houses were going for almost 20% below asking prices.

But those selling flats and terraced houses were more realistic about what they could expect.

There was some evidence that the gap may be closing. Advertised prices rose by almost 2% in the three months to June, while Registers of Scotland rose by 3%.

The exception was in Edinburgh, where the average property was being sold for slightly more than the asking price.

Mark Smith, managing director of S1homes, said: "The report shows that house sellers are still being unrealistic about their expectations and setting their asking prices too high.

"Even with the slight increase in selling prices achieved, the gap between expectation and reality is still very marked, particularly at the higher end of the market."

Moya McVey, of the Glasgow Property Agency, said: "It would appear that agents have had to deliver an honest pricing strategy at lower levels in the market in order to sell and evidence can be shown due to the volume of transactions.

"In the higher price brackets, the volume of transactions has dipped and consequently there is less evidence to point sellers in the right direction."

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