MOV8’s Property Market Analysis May 2016
Throughout the past year, the number of homes changing hands has been at its highest level since the onset of the ‘credit crunch’ in 2008. 2016 is already off to a very strong start so, as the leading property sales company in East Central Scotland, we thought we’d share with you what we have been seeing happening in your local property market.
What Are We Seeing Happening in the Market?
According to the latest market reports from the ESPC, in the period from February 2016 to April 2016 there has been an increase of 2.5% annually in the number of properties coming onto the market. This is a modest, yet very positive increase. Over the past few months, we have seen the number of properties coming onto the market being unable to keep up with the demand from buyers. We can attest to the increase in property sellers bringing their properties onto the market and, at MOV8, we have seen an increase of 17% year-on-year, since the start of 2016, in the number of new properties coming onto the market with MOV8.
Buyer Demand Continues to Outstrip Supply
We are still seeing great demand from buyers as May draws to a close, with the ESPC reporting that, between February 2016 and April 2016, there was an annual increase in sales of 1.1%. The same report also stated that selling times are now 54% faster than the same period last year, sitting at an average of 29 days. Despite the modest growth in the number of properties coming onto the market, the market still very much favours the seller.
Since the start of the year, we are seeing the average selling time for properties that we are marketing at MOV8 sitting at 21 days, with an annual increase in the number of sales of 27%. As we have been saying for a few months, the general market statistics, as well as our own figures, certainly suggest that this is a great time for sellers who have been delaying a decision to put their own property on the market to take the plunge.
There is, nevertheless, no doubt a feeling amongst property sellers that many of them don’t want to get their own property on the market until they have found their dream home. Although we can’t guarantee it, of course, our experience over the years has usually been that, after sellers have found a buyer, it’s amazing how quickly they find their dream home. That said, we absolutely understand why any potential property seller might feel this way and we have created a blog article that guides anyone in this situation through the decision-making process as well as providing helpful tips to put their mind at ease if they are worried about having sold their existing home without first finding a property to move-on to.
The uncertainty that might have been created by the upcoming referendum on the UK’s continued membership in the EU has been much featured in the press in the run up to 23 June 2016. However, we personally have not seen a reduction in the volume of buyer activity in the market and have heard very few property buyers mention the referendum as being a part of their current decision-making process.
We would encourage anyone who is thinking of selling their property this year to take advantage of the current market conditions and to get their property onto the market as soon as possible. Check out our recent article about the current housing shortage for more information about this.
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 or by emailing [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 for maximising the appeal of your property to buyers and discuss current market conditions with you.
For more tips about preparing for a property valuation, you can also check out our YouTube video, Getting the Best Possible Property Valuation.