A new report has revealed that the gap between what Scottish homeowners hope to sell their properties for and what they actually sell for, has narrowed.

According to S1homes, the report found that for the third quarter of the year, the "reality gap" in Scotland has narrowed dramatically, from 9% to 2%.

It is thought the change is due to an increase in the amount of buyers prepared to pay, rather than a fall in prices.

Comparing average asking prices with the officially-registered settlement cost, the report discovered that the average selling price in the country rose by more than £8,500 to reach £161,748 in the third quarter. However, properties sold for around £4,000 less than their asking price, with the difference in the previous quarter recorded as £14,500.

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When it came to the different property types, flats, terraced and semi-detached homes all sold above what the sellers hoped to achieve, but detached properties fell significantly below the asking prices.

Commenting on the report, S1homes commercial director, Ewan Stark, said: "This quarter's report shows that there have been significant changes taking place in the property market.

"Buyers are now prepared to pay more than they have been for quite some time and that, coupled with a slight decline in average asking prices, is what has led to the upsurge in the volume of properties being sold.

"That's positive if you're looking to sell a property but the sharply rising prices at the lower end of the market aren't good news for first-time buyers."

(JP/IT)