HOUSE SELLERS GET CLOSER TO ASKING PRICES

Sellers are having to knock less off the asking price of their home before securing a buyer, figures show.

The gap between asking and selling prices is narrowing, data from the Royal Institution of Chartered Surveyors reveals. On average, homes are now selling for 11 per cent below the asking price.

Almost 60 per cent of the 250 estate agents and surveyors who took part in the survey said the gap narrowed in the past three months.

A similar survey last August showed the gap was widening.

The survey suggests a lack of supply on the market is holding house prices up.

Analyists also believe sellers are more realistic about the price they can expect for their home, although some reports suggest asking prices have been relatively stable since February. Halifax and Nationwide both reported price rises during May.

Brigid O’Leary, of RICS, said: ‘The improvement in recent housing market surveys is reflected in a narrowing in the gap between asking and selling prices.”

The worst affected region is the North where sellers, on average, accept offers of 26 per cent less than their asking price.

Courtesy of Daily Mail