Housing prices show a drop

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A NEW housing report recently highlighted a “reality gap” in the local housing market.

The latest report by property website s1homes found that while the average asking price in North Lanarkshire has fallen by almost two per cent to £121,222 since January, actual selling prices are down by around ten per cent, from £116,506 (October to December) to £105,130.

These findings are backed up by other local estate agents too.

Mandy Collins of Remax Cumbernauld said: “We are seeing the same differences happening across the range of properties available for sale.

“The properties where the home report is now out of date are typically the ones who are now reducing their prices to adjust to the market conditions. We are seeing that when replacement home reports are being carried out, the surveyors are reducing the valuation by between five and 10 per cent.

“However, properties new to the market are priced according to the current market and seem to be selling better with some achieving full home report value. The market however does continue to be volatile.”

See the full report here