RTTNews - Monday, the Royal Institution of Chartered Surveyors said around 60% of surveyors reported that the gap between asking and selling prices narrowed in the U.K. In last August, the results of the same survey found a widening gap.

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, senior economist at RICS, Brigid O'Leary said. The survey found that houses were selling at an average of 11% below the asking price. Sellers in the some regions are even forced to accept as much as 26% discount off their advertised price.

The north continued to be the worst affected region where sellers are accepting offers, on average, at only 74% of asking prices. Meanwhile, 'new buyer enquires' and 'price expectations' balance were strongest in London.

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