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Homes in Scotland are selling at prices closer to their asking price than anywhere else in the UK.  And the gap between asking prices and selling prices is narrowing across the country.

Research by the RICS shows that homes north of the border are selling, on average, for 97 per cent of their asking price.  And almost 60 per cent of surveyors now say that the gap between asking and selling price is narrowing.  In contrast, last August results of the same survey revealed that the gap was widening.

In Scotland, three quarters of surveyors say that the gap between asking and selling prices has narrowed in the last three months.  On average, sellers are accepting offers at 97 percent of asking price, although anecdotal evidence from GSPC member firms suggests that some properties are selling for more than their upset price. 

Elsewhere in the UK, only London is seeing selling prices so close to asking prices with sellers accepting offers at 93 per cent of the asking price.  Other regions, notably the north east of England, are finding things tougher, with homes selling at only 74 per cent of the asking price.  Across the UK, houses are selling at an average of 11 percent below the asking price.

The RICs said last week that more enquiries from buyers, more sales and fewer homes coming on to the market have begun to provide some support for property prices.  Commenting on the latest research, Brigid O'Leary, RICS senior economist said: "The improvement in sentiment that has been captured in recent Housing Market Surveys is reflected in a narrowing in the gap between asking and selling prices. As new instructions continue to decline, a lack of supply is providing some support to house prices and that has helped to close the gap".