Sellers cash in as buyers are increasingly willing to pay above asking price

Property sellers in Scotland are profiting from buyers' willingness to pay above asking price for a home. 

This is according to portal s1homes.com, which reports that the average Scottish property sold for 5% above its asking price during Q1 2018. 

This equates to a boost of up to £9,000 for the typical seller north of the border.

Those selling flats (£29,000) and terraced homes (£20,000) are benefitting from the largest differences between asking prices and sold prices.

However, buyers of detached properties are still picking up bargains with the average detached home selling for 10% less than its asking price during the first three months of 2018.

The s1homes report - which analyses over 20,000 properties each quarter - also reveals that Glasgow and Dunbartonshire is the region where sellers are seeing the biggest difference between asking prices and what they eventually sell for (+£27,000).

Buyers looking to pick up homes for below the average asking price should be targeting Argyll & Bute, East Renfrewshire, West Lothian and South Lanarkshire, the portal says.

"This quarter’s report continues to reflect the confidence in the overall market with average selling prices across Scotland higher than asking prices," says Martin Devlin, head of sales at s1homes. 

"What’s also apparent is that owners of detached properties are firmly sticking to their prices despite no evidence of buyers being willing to meet their expectations.”