Property Market Update May 2017

Property Market Update May 2017

Property Prices Rise as Sellers Market Continues

Continuing the trends that we have seen so far in 2017, the latest reports published by ESPC show that the price of property throughout East Central Scotland is continuing to rise and that selling times are continuing to fall.

The most recent statistics show that the average price of a property in East Central Scotland has risen from £210,972 in the period from February to April 2016 to £217,946 in the same period in 2017.

Across Scotland as a whole, the latest Registers of Scotland (RoS) UK House Price Index (UK HPI) shows that, at the end of March 2017 the average selling price of a property was £137,139, an increase of 0.7% compared to March 2016 while representing a 1% decrease on the previous month.

Commenting on these figures, Registers of Scotland’s Business Development and Information Director, Kenny Crawford, stated:

“Average prices this March showed a modest increase when compared to March 2016 and there have been increases in every month since March 2016 when compared with the same month of the previous year.”

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Property Supply Continues to Struggle with Demand from Buyers

As we have reported in previous months, the imbalance between property supply and demand in the Scottish housing market continues unabated.

Latest figures released by the ESPC show that, between February and April 2017, the number of properties coming to the market has decreased by 11.4% when compared with 2016. The figures also reveal that average selling times have fallen by 24.6%, from 29 days to 22 days.

Across Scotland as a whole, the latest UK House Price Index (UK HPI) from Registers of Scotland (RoS) showed that, at the end of December 2016, the total volume of sales was 6,239 at the end of January 2017, representing an increase of 2% on the previous year, but a decrease of 25.4% on the previous month.

Commenting on this Registers of Scotland’s Business Development and Information Director, Kenny Crawford, said:

“Sales volumes figures for January 2017 showed an increase in Scotland of 2.0% when compared with January 2016. This is also up by 0.8% when compared with January 2015 and up by 34.1% when compared with January 2013, but down by 3.9% when compared with January 2014.”

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As the fierce competition between potential buyers persists, we are continuing to see property sellers achieving fantastic selling prices in relatively short time frames.

While the current competitive market can be daunting for those looking to buy, if you are concerned about putting your home on the market without having secured your next home, there are steps you can take to reduce the potential impact of selling before you buy by following the tips in our video here.

We’re Here to Help

If you are selling your home or investment property in 2017, please do get in touch with us by calling 0345 646 0208 (Option 1) or by emailing [email protected] to organise a free valuation of your home or to get a full, transparent breakdown of the costs of selling your home. Our expert Valuation Department can help you with suggestions to maximise the appeal of your home to buyers and get the best possible price if you are selling.

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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The Prime Minister at 8.30pm on Monday, 23 March 2020 announced unprecedented measures restricting movement of the UK population in order to combat the spread of the Coronavirus Covid-19 pandemic.

We are experiencing a huge surge of calls and email requests following this announcement, at a time when our capacity is more restricted than normal by sickness absence. Our capacity to answer calls will be restricted and more calls than normal will end in voicemail. Those voicemails will then be emailed to our central, team email accounts and allocated appropriately to the relevant staff members.

Viewing Requests

Anyone hoping to view a property will be unable to arrange a viewing in the coming three weeks. Reassuring our clients through this particularly difficult time has to be our top priority.

We will have to take the unprecedented step of not responding to viewing requests in the meantime. When restrictions are lifted on movement we would ask that, if you remain interested, you submit a fresh request.

Please Remain Patient - We Are in This Together

We respectfully ask that anyone first makes contact with us by email in the coming days.

We are all in this together. We ask that everyone tries to be kind to each other and to our staff throughout what are already the most stressful and anxious of times for everyone, let alone someone who is supposed to be moving home.

Best wishes and be safe,
MOV8 Real Estate