'Gap narrowing' between asking and selling price for property

Posted: 14 Jul 2009 10:04:04 GMT

The gap between the asking price and selling price of a property is narrowing, according to the head of sales at fish4homes.

Stewart Black of the property portal noted that the cost of a mortgage has reduced by around 80 per cent during the last year, narrowing the gap between the sale price and the asking price of a property.

He attributed the trend to the "nature of supply and demand", adding that when supply is tight, buyers will have to pay closer to the asking price than they may at other times.

"You will be more bullish about holding out for the best price on the property you have to sell, if you are aware of this, as a seller," Mr Black said.

Figures released yesterday (July 13th) by the National Association of Estate Agents indicated that there was a 1.9 per cent difference between the asking and selling price in June, compared to a difference of 6.3 per cent in the previous month.

Hometrack reported in June that sellers achieved an average of 91 per cent of their asking price during the month, up from 89.6 per cent in April and 90.3 per cent in May.

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