Local Property Market Update September 2016

As the leading property sales company in East Central Scotland, we wanted to share with you what we have been seeing happening in your local property market.

What Are We Seeing Happening in the Market?

The latest market reports from ESPC, for the period of June 2016 to August 2016, show that the number of properties being sold across East Central Scotland has decreased by 8.1% on the previous year. This is compared with the number of properties coming to them market in that period being down 10.6% for the same period when compared to the previous year.

Since the start of the year we have seen the number of properties coming onto the market being consistently beaten by the number of properties actually selling, with supply simply being unable to keep up with buyer demand.

At MOV8, we have also seen the same trend of buyer demand outstripping seller supply. Since the start of 2016, we have seen an increase of 12% in the number of properties selling with MOV8 when compared with the same period in 2015. However, in the same period, the number of properties coming to the market has increased by only 2.4% when compared with 2015. This continued strong demand is of course helping to reduce selling times and to push prices gradually upwards, with more properties achieving or exceeding the Home Report valuation now when compared with 2015. This is great news for sellers who do take the plunge and to put their property on the market, but itโ€™s disappointing for buyers who have a reduced number of properties to choose from and who are experiencing more closing dates.

Between June 2016 and August 2016, the number of properties selling with MOV8 that either achieved, or exceeded, their Home report Valuation increased by 19.7% to 75.2%, ahead of the East Central Scotland average of 71.1%.

Buyer Demand Remains Strong with Market Favouring Sellers

Following the โ€˜Brexitโ€™ referendum result, there was media speculation that buyer demand in the property market would be curtailed, however we have not seen any such decrease. When comparing the period of June to August 2016 with the same period the previous year, itโ€™s clear to us that the Brexit has not had any appreciable effect on buyer demand or property prices in the East Central Scotland property market.

Prior to the EU Referendum, ESPC reported a 3% dip in volumes when compared with last year. This dip in seller activity has actually increased in the previous three months but it has had the effect of reinforcing the sellers market that we have experienced throughout 2016. Indeed, in the period from June to August 2016, the median selling time for properties across East Central Scotland decreased from 34 days to 21 days while the average selling price for a property in East Central Scotland increased by 6.2% from ยฃ211,566 to ยฃ224,782 compared to the previous year.

If you are swithering about whether to put your own property on the market, decreasing property sales times and increasing property prices mean that there has not been a better time to get your property on the market for several years. With interest rates at a historic, new low of 0.25% and mortgage products readily available, and with more buyers than sellers in the marketplace, demand is high and sale times are quick. If you are holding-off making a decision to put your property on the market because you are worried about not finding a new home to live in, check out our guide about how to make this scenario work to your best advantage.

Are You Thinking of Selling Your Property in 2016? Please Speak to Us!

If you are thinking about selling your property, please do get in touch with us by calling 0345 646 0208 (Option 1) or email [email protected] to organise a free property valuation or to have a preliminary chat with us about the selling process in Scotland. Our valuers can help you with suggestions that will maximising the appeal of your property to buyers and are happy to discuss any concerns that you have about securing your next home.

For more tips about preparing for a property valuation, you can also check out our YouTube video, Getting the Best Possible Property Valuation.

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