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We note with interest that the average selling price for Q3 2014 is around £8000 higher than the average asking price. Interestingly, when compared with the same quarter last year while the average asking price has reduced this year, the average selling price has increased by nearly £10000. This reinforces our message of the importance in setting a realistic asking price, rather than the highest.
In the vast majority of regional cases, it certainly appears that where prices have been more compelling, greater prices have been achieved. For example, East Lothian had the biggest drop in average asking price compared with Q2 figures but has now reached equilibrium in the reality gap.
The home report is a crucial tool in bringing balance between the asking and selling price. An independent and reliable home report should always be used to set an accurate asking price, which will in turn attract buyers interest. Set a compelling asking price in conjunction with a realistic home report value, and the opportunity of realising a favourable price within a sensible time scale increases.
Eric Curran, Managing Partner, DM Hall
