Houses selling at 11% below asking price on average

According to RICS, houses across the UK are now selling at an average 11% less than the asking price.

The report from RICS shows that the gap between house asking prices and the selling prices is now narrowing.

Last August the same report showed the gap was widening.

Brigid O’Leary, RICS senior economist, said ‘As new instructions continue to decline, a lack of supply is providing some support to house prices and that has helped to close the gap. ‘

O’Leary added ‘While the pace of downturn may be easing, the housing market will still be challenged by an uncertain economic backdrop, the threat of rising unemployment and continued restrictions on mortgage finance.’

The North is the worst affected region where house sale offers are being accepted on average at 74% of the asking price.

In contrast, in London, where new buyer enquiries are strongest, vendors are now getting around 93% of the asking price and 55% of surveyors have seen the gap between the asking price and selling price narrow over the last 3 months.