07 Nov Why Now is the Best Time to Sell Your Property
We take a look at the local Scottish Property Market over the past quarter and find out why now is the best time to sell your property.
What’s Happening in your Local Scottish Property Market?
Last month we looked at the latest release from the ESPC (Edinburgh Solicitors Property Center) from July to September 2016. It showed that the number of properties sold in East central Scotland had decreased by 10.7% year on year compared with the same period of 2015 and the number of properties coming onto the market had also decreased year on year, same period by 9.4%.
The lack of new properties coming onto the market is great news for sellers, as demand is high, while supply remains relatively low, making it an ideal sellers market. This is evident in selling times as reported by the ESPC from July to September 2016, down from 36 days to 24 days compared with the same period the previous year. This equates to a reduction of property selling time of 35%.
Demand Still High and House Prices Rise Year on Year
Buyer demand remains strong, three months’ post EU Referendum and property prices across East Central Scotland are continuing to rise.
The majority of properties are on the market at ‘’Offers Over’ and the average selling price from July to September increased by nearly 5% according to the ESPC, compared with the same period of 2015. On average this means property sales prices have increased from £211,935 to £221,930.
According to the Office for National Statistics, Scottish house prices are rising at a rate of 4% per year. While some media reports have highlighted that Scotland is lagging behind the rest of the UK, UK house sale prices have been distorted by the rises in the South East of England. Significant increases in house prices will never be good for the health of the property market in the longer term for either buyer or seller and the average increase of 4% in Scotland should not be disregarded.
Between July and September 2016, the percentage of sellers achieving or exceeding the Home Report valuation was 101.4% compared with the same period of 2015. Surveyors are cautious and aware that exaggerated property valuations could potentially fuel house prices, though it could be argued reasonably that the lack of properties coming onto the market have driven house price growth.
Interest rates remain the same at an all time low of 0.25% until the Bank of England’s Monetary Policy Committee next meet.
This means that if you are thinking of selling a property, there has not been a better time in many years to consider putting your property on the market. With decreasing property sales times, interest rates held again at a historic low of 0.25%, mortgage products still readily available and increasing property prices due to high buyer demand, it makes the Scottish property market a sellers dream.
If you are thinking about selling your property, drop us an email at email@example.com or call us on 0131 608 0175 to arrange for your Home Report to be carried out at a suitable time. We are Regulated by the Royal Institution of Chartered Surveyors (RICS), Home Report Company specialising in providing Home Reports, Energy Performance Certificates and Property Surveys.