He said he absolutely fancies me but why does he seem scared to ask me out?

Oh that's sad. The fear of rejection has probably overwhelmed him.
I'm a guy. I overcome this fear a long time ago. Vaguely, I remembered how I withdrew from girls when I was in my late teens.
Then I realized, if I try, I might get rejected. But I stand a chance to get a girlfriend. Otherwise I have no chance at all.
Hence from that day on, I chose to "punt" on the chance of getting laid over possible broken heart. I think I made a right decision.
Shy, if you like him just take the initiative and ask him
Opinion
3Opinion
Maybe he feels like you don't like him the same way he does?
He's not sure if you fancy him.
Afraid that he's not ready? (or would mess it up)
Maybe he thinks that you would say no
Superb Opinion