We are pleased to sponsor the s1homes house price report 2014 Q2.

We are encouraged to see the reality gap has reduced to less than 1% between average asking price and average selling price for Q2 in 2014.

Arguably more important, is the comparison with last year’s figures for the same quarter which tends to reflect similar seasonal trends.

While last year’s average asking price was significantly higher, the average selling price was considerably lower than this year, leading to the average asking price being over £14,000 greater than the eventual selling price. For the same period this year, average selling prices increased with more realistic asking prices being set, meaning the reality gap reduced to less than £2,000. This emphasises our position that a sensible and realistic asking price will in turn lead to a more favourable selling price.

The home report is a crucial tool in bringing an equilibrium between the asking and selling price. An independent and reliable home report should always be used to set a realistic asking price, which will in turn attract buyers interest. Set a compelling asking price in conjunction with a realistic home report value, and the opportunity of realising a favourable price within a sensible time scale increases.

We await with interest the results of Q3 to discover if the hugely successful Commonwealth Games and the nearing of the independence vote will have any bearing on sales and prices. Either way, we are certainly of the opinion that setting a realistic asking price will continue to close the reality gap even further.

To access the report, please visit http://www.s1homes.com/house-price-report/index.html