Property Market Update February 2020

Property Market Update February 2020

February from the Agent’s Point of View…

According to MOV8’s Managing Director, Robert Carroll:

“January 2020 was an exceptional month. Whether you were for or against Brexit, there is no doubt that confirmation of it going ahead has removed an element of uncertainty that was holding some home movers back. This led to the busiest January that we have ever seen in terms of property sellers across Scotland instructing us to bring their properties to market.

“Exterior cladding issues have, unfortunately, affected a number of our clients. For potential sellers of properties where the top floor is less than 18 metres above the ground, mortgage lenders seem to be happily extending finance to potential buyers. For those where that top floor is more than 18 metres above the ground, the position is less certain. A system of certification that the cladding is ‘safe’ – the EWS1 form – has been launched. However, the cost of obtaining such a certificate is several thousands of pounds. And, if your building fails the test, the situation is more complicated. If you are thinking of selling or buying a property with exterior cladding, you should take good advice. We have been heavily researching this area for months and have produced a number of guidance notes for staff and clients. For more information, head to our dedicated cladding page at mov8.com/cladding.

“I’m excited to say that our amazing Half Price Estate Agency Fee Offer has been extended due to popular demand until 28 February 2020. If you’re thinking of selling, you can save a minimum of £595. To find out more, contact us today at [email protected], call us on 0354 646 0208 (Option 1) or book a call back at a time that suits you – book here.”

The Scottish Property Market – Overview 

Recent numbers indicate that the residential property market in Scotland remains strong, with figures from Registers of Scotland indicating that the average property in Scotland stood at £151,603 in December 2019, a 2.2% increase from the previous year. 

Property prices have increased in 25 out of 32 local authorities throughout Scotland. The largest increase in price was in Inverclyde, where values have increased by 10.1%.

East Lothian took the top spot for property prices in Scotland, with an average selling price at £277,320 whilst the City of Edinburgh dropped to fourth place with an average price of £266,333. 

In terms of volume of sales, the number one spot goes to Glasgow City with 1,128 properties being sold from November through December 2019, with the City of Edinburgh very close behind at 1,116. West Lothian is a new addition to the Top 10 regions in Scotland for sales volumes, with 346 properties sold in the month of December 2019, indicating increasingly strong performance in this area in terms of property sales activity. From our own perspective, West Lothian is a very attractive area in and of itself and also for anyone commuting to other cities for work, including Edinburgh and Glasgow. These figures are based on sales volumes from UK House Price Index released by Register of Scotland in December 2019.

Property Market in Numbers December 2019 infographic

Download our Property Market in Numbers December 2019 infographic.

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, all-in-one estate agency and solicitor firm with its Head Office in Edinburgh and a City Centre office in Glasgow. We buy and sell literally thousands of properties for property buyers and sellers in Scotland every year, so I see first-hand every day what is actually happening in the property market. This blog aims to give an honest, fresh and sometimes light-hearted take on what is happening in the Scottish property market.

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*

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