Selling for 8.5% above asking price: why is Scotland's market so strong?

As the sales market across much of Britain appears to be mired in political and economic uncertainty, figures from Scotland appear to show a remarkably different picture. 

The new quarterly house price report from s1homes - one of Scotland’s largest property websites listing 25,000 properties for sale and rent - says that between October and December last year homes sold for an average 8.5 per cent above asking price.

However, this masks significant variations. 

The website claims that at the higher end of the market, especially involving detached houses, unrealistic asking prices are not being met with the average sale almost 7.0 per cent below. 

But it says sellers of flats, terraced houses and semi-detached houses across Scotland are achieving above asking price with average-priced flats typically selling for £31,000 more, while terraced houses on average sell for £23,000 more and semi-detached houses for £4,000 more.

Regionally, homes in Glasgow saw a drop in average selling price of more than £6,000, resulting in properties selling at £32,000 above their asking price, a reduction of almost £8,000 from the previous quarter.

Edinburgh continued to be a hot spot this last quarter, with the highest selling prices across Scotland. Properties in Q4 sold on average for £32,000 more than their asking price, up from £28,000 last quarter.

The quarterly Scottish House Price Report published by s1homes.com analyses what the website calls ‘the Reality Gap’, the difference between what sellers hope to sell their properties for and the price they actually achieve.