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Property asking and selling price gap 'narrowing'
17/06/2009
The gap between residential property asking and selling prices is narrowing in the UK and Northern Ireland, according to new figures.
Research by the Royal Institution of Chartered Surveyors (Rics) found that homes are selling at an average of 11 per cent below their asking prices, while some sellers are accepting a 26 per cent discount.
In contrast, results of the survey in August last year found that the gap was widening.
Brigid O'Leary, senior economist at Rics, said the figures highlighted an "improvement in sentiment" in the housing market.
However, she added: "Even so, some caution is still warranted.
"While the pace of the downturn may be easing, the housing market will still be challenged by an uncertain economic backdrop, the threat or rising unemployment and continued restrictions on mortgage finance."
Recent figures from the Building Societies Association claimed that property prices will rise by an average of 1.4 per cent over the next year.
Christine Farrell, Head of the Residential Property department at Wilson Nesbitt Solicitors, commented that "the value of any given house remains a matter of debate, with some sellers still reluctant to fully acknowledge the drop in house prices, buyers looking for a bargain, and valuers being very conservative in their estimations for mortgage purposes. All parties will have to meet in the middle somewhere in their valuations in order for the property market to make real steps towards recovery, and it would seem that is slowly beginning to happen."
Visit our residential property services page
Research by the Royal Institution of Chartered Surveyors (Rics) found that homes are selling at an average of 11 per cent below their asking prices, while some sellers are accepting a 26 per cent discount.
In contrast, results of the survey in August last year found that the gap was widening.
Brigid O'Leary, senior economist at Rics, said the figures highlighted an "improvement in sentiment" in the housing market.
However, she added: "Even so, some caution is still warranted.
"While the pace of the downturn may be easing, the housing market will still be challenged by an uncertain economic backdrop, the threat or rising unemployment and continued restrictions on mortgage finance."
Recent figures from the Building Societies Association claimed that property prices will rise by an average of 1.4 per cent over the next year.
Christine Farrell, Head of the Residential Property department at Wilson Nesbitt Solicitors, commented that "the value of any given house remains a matter of debate, with some sellers still reluctant to fully acknowledge the drop in house prices, buyers looking for a bargain, and valuers being very conservative in their estimations for mortgage purposes. All parties will have to meet in the middle somewhere in their valuations in order for the property market to make real steps towards recovery, and it would seem that is slowly beginning to happen."
Visit our residential property services page
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