Property Market Highlights
- The ‘race for space’ and increasing house prices continue
- Signs of more interest in city centre living
- Record number of first time buyers purchase homes in 2021
The ‘Race For Space’ and Increasing House Prices Continue
Since the pandemic many people have been looking for more space in their homes, whether this is for home working, a growing family or simply a re-evaluation of their living circumstances, and this trend doesn’t look to be slowing.
Registers of Scotland (ROS) noted in their latest report in November that detached properties saw the largest increase in selling price, up 15.7% compared to the previous year with semi-detached houses close behind with an increase of 13.5%.
Edinburgh Solicitors Property Centre (ESPC) also noted a similar trend in their December House Price Report that family homes are especially sought after, with three-bedroom houses in Corstorphine, Clermiston, South Gyle and East Craigs experiencing a year-on-year rise of 20.9%, and in Currie, Balerno and Juniper Green, experience a 20.3% increase.
Signs of More Interest in City Centre Living
Whilst the ‘race for space’ continues, there are growing signs that greater interest is also returning to city centres.
During the pandemic MOV8 have certainly experienced a higher than normal interest in larger properties out-with the city, this trends alongside what many other agents and companies are reporting.
However, it’s important to highlight that throughout this period we’ve also continued to see a steady and strong interest in properties within cities. Property prices may not have risen quite as steeply as houses in the suburbs and countryside, but interest has and continues to be strong.
This trend is now being highlighted by various sources of property market data, suggesting that an increase in interest in city living may be returning.
For example, ROS reported that selling prices of flats throughout Scotland rose by 7.7% in November 2021 compared with November 2020.
ESPC also noted that two bedroom flats in Morningside and Merchiston experienced an increase of 13.7% in selling price between October 2021 to December 2021 compared with October 2020 to December 2020.
If you are interested in selling your property or finding out how much it is worth, get in touch with us today at [email protected] or book a free property valuation here.
Record Number of First-Time Buyers Purchase Homes in 2021
Yorkshire Building Society recently reported that an estimated 408,379 people bought their first home in the UK during 2021, up 35% from 2020.
They also noted that first-time buyers accounted for 50% of all people purchasing property with a mortgage in 2021. This is up from a low of 36% in 2007.
It is thought the increase in 2021 is due to a combination of factors, including high employment rates, 95% mortgages becoming more readily available and many individuals managing to save larger deposits during lockdown periods.
For many first-time buyers hoping to secure their first home in 2022 this will be reassuring news.
We’re Here to Help
If you are thinking of buying or selling a property MOV8 is perfectly placed to help. Our 5 star rated team of property experts can help guide you through each stage of the property process.
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.
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.