15 Jun

Asking and selling price margin 'narrowing'

Asking and selling price margin 'narrowing'

The difference between the asking price of a property and the actual value of its sale has narrowed, according to new findings.

Royal Institution of Chartered Surveyor (RICS) research has indicated that the majority of surveyors think that this is the case.

Indeed, some 60 per cent of those questioned in the survey noted this trend in the UK market.

The study also revealed that people selling their homes are getting a fee 11 per cent below the original asking price, on average, which is a better return than figures reported at the end of last year.

Brigid O'Leary, RICS senior economist, commented: "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."

She added that this pattern "is particularly interesting" because Rightmove's recent research showed that asking prices have remained relatively stable since February.

Both Nationwide Building Society and Halifax reported house price increases last month.
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