At the end of August 2016, local solicitor estate agents are seeing continued strong demand from buyers throughout the property market in East Central Scotland, despite reduction in the number of sales.
The latest figures released by the ESPC for the period of May and July of 2016 show that the number of homes sold in East Central Scotland decreased by 8.4%, compared to the same period in 2015.
While the volume of sales has decreased annually, the number of properties coming onto the market has also decreased by a similar amount. As demand from buyers remains strong, this has had the effect of pushing the average selling price across East Central Scotland up by 7% between May and July 2016, according to the latest ESPC figures, compared to the same period last year.
The average selling time for a property, between May and July 2016, is sitting at 21 days according to the same report. This decrease in selling times, continued high demand from buyers and a decrease in the supply of properties coming onto the market certainly means that the current market is weighted in favour of people who are making the decision to get their property onto the market for sale.
Solicitor estate agent firm, MOV8 Real Estate, is seeing similar patterns of supply and demand emerging. MOV8 reported an increase of 6% in the number of properties that they have sold so far in 2016 across East Central Scotland whilst experiencing only a 3% increase in the number of new properties coming onto the market.
Robert Carroll, Managing Director of MOV8 Real Estate sees the current market trends as extremely encouraging for any potential property sellers whilst being cautious about what this means for the overall health of the property market in Edinburgh and the Lothians.
“With a shortage of properties on the market meaning that selling prices are going up and selling times are coming down, there has not been a better time to get your property onto the market if you are thinking of moving home.
“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.
“Whilst the current market conditions are great for property sellers, buyers are finding it increasingly challenging to find a home as demand is by far outstripping the supply of good homes coming to the market. We would hope that sellers take advantage of these conditions and increase the supply and choice available for buyers to help to restore some balance in the local housing market.
“If the quantity of properties selling continues to outstrip the supply of new properties coming to the market, there is a danger that it will continue to drive prices sharply upwards, making it even harder for property buyers to be able to afford their new home. We would encourage anyone currently holding off putting their property onto the market to take advantage of the current market conditions and get their property onto the market, as soon as possible.”
If you are thinking of selling your property, MOV8 Real Estate is, for a limited time, offering £200 off the overall cost of selling a home, with £100 discount on the cost of an ESPC advert and a further £100 off their already great value Fixed Estate Agency Fee. For more information, a quote for selling, or to arrange a free valuation click here, or alternatively email [email protected] or call MOV8 on 0345 646 0208.