Property Market Update July 2019

Property Market Update July 2019

June From the Agent’s Point of View

Commenting on the month’s property news and statistics, MOV8 Real Estate’s Managing Director, Robert Carroll, stated: 

“June was a great month in the residential property market in Scotland. We saw a significantly higher number of properties coming to the market in 2019 than in 2018 and this has helped us to secure more purchases on behalf of our buying clients than ever before. The increase in supply to the market is taking a bit of the ‘sting’ out of the market and buyers in general are, on average, having to pay less of a percentage over the Home Report valuation to secure their dream home.

“From a market point of view, it feels more like late Spring than early Summer at the moment, with the market just getting busier and busier from day to day. There are really positive signs for both buyers and sellers at the moment and it’s great to see some balance returning to the market, albeit there is no doubt that it continues to be a sellers market.”

House Prices in Scotland Up by 1.6%

The latest statistics from the UK House Price Index (HPI) show that house prices have risen by 1.6% in  April  with the average price of a property in Scotland now standing at £150,825. Compared with the previous month, house prices in Scotland rose by 0.7% between March 2019 and April 2019. The UK average house price was £228,903, which was an increase of 1.4% on April of the previous year and an increase of 0.7% on the previous month.

Commenting on the release, Accountable Officer Janet Egdell from the Registers of Scotland said: “Average prices in Scotland continued their upward trend in April, having increased each month since April 2016, when compared with the same month of the previous year.”

Average price increases were recorded in the majority (24) of local authorities, when comparing prices with the previous year. The biggest price increases were in Stirling and North Ayrshire where average prices increased by 8.4 per cent to £191,654 and 7.7 per cent to £107,008 respectively.

The largest decreases were recorded in Aberdeen City and Aberdeenshire, where average prices fell by 6.2 per cent to £150,173 and 5.6 per cent to £178,580 respectively. 

Market Conditions

Between March and May 2019, the volume of property sales in east central Scotland increased by 14.3% compared to last year. Within Edinburgh, the sales volume increased by 18.9% year-on-year. This is a result of more properties coming to market in recent months which has helped to meet some of the strong demand for homes in the area.

However, the past three months saw only a very small increase in the number of properties coming to market in east central Scotland, with a 0.3% increase in property listings compared to last year. Within Edinburgh, the volume of listings dropped by 1.9% during this period.

Paul Hilton, Chairman of SPC Scotland, said: “It is positive to see an increasing volume of residential property sales in Scotland. This is likely due to an increasing number of properties coming to market, helping to address some of the strong demand in certain areas.”

We’re Here to Help

If you are thinking of selling your home or investment property, 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.

You can also instantly book a free valuation appointment online by following this link.

If you are looking to buy a property as a home or investment, please call 0345 646 0208 (Option 2) or email [email protected] and we will be happy to help.

I'm Robert Carroll, Managing Director of MOV8 Real Estate, Estate Agents and Solicitors. MOV8 is an innovative and forward-thinking estate agency and solicitor firm with its Head Office in Edinburgh, UK. It is one of the fastest growing firms in the east of Scotland. I see first-hand every day what is actually happening in the property market and am regularly quoted in the Scottish Press in property stories. Through this blog I aim to give an honest, fresh and sometimes light hearted take on what is happening in the Scottish property market for anyone who is interested in that kind of thing...

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