22 Mar Shortage of Properties on the Market Forces Prices to Soar Way Above Asking Price
Although the Government has pledged to boost house building, supply remains inadequate for the UK’s swelling population.
There seems to be a bit of a crisis in the Scottish property market at the moment as experts have warned of a situation where many buyers as shying away from marketing their properties with the fear of not being able to find their dream home, as supply of available property seems to have dipped.
An ESPC spokesman reports that the number of properties listed on their website was down more than a third compared with the same period in 2015.
85% of properties which are being brought to market are on as ‘offers offer’, with some in the Capital selling for 49% over the asking price in the home report valuation.
It appears that the crisis may have been fuelled by the recent announcement of an additional 3% levy on second properties, which are either bought as buy to let investments or as a second home. This comes into effect on the 1st of April 2016 which could mean we’ll see a notable uplift in properties for sale over next month.
The current situation seems to have come about as there is such high demand for properties, but few on the market, meaning house prices have rocketed for the few that are available for sale.
Thoughts from experts are that the market will settle after April, but as always we’re on top of the property market news so will keep you informed as we have it.
If you are thinking of putting your property on the market, a home report is the first step in selling, so drop us a line to book your home report today. You can contact us by email at email@example.com or call us on 0131 608 0175