A group of leading solicitor estate agents have launched a unique January Sales initiative, which aims to encourage more people to buy properties across the Lothians.
The ELPG, which consists of Warners, Neilsons, Leslie Deans & Co, The Lints Partnership and Drummond Miller, has unveiled the new sales scheme which is being advertised in the latest edition of their property guide.
The January Sales initiative means that all featured homes in the ELPG guide are being advertised at new, reduced fixed prices. Prospective buyers will also be able to compare the new values with the previous prices set for the properties last year.
The ELPG is hoping that the initiative will convince buyers that they can purchase a new home at an affordable price, and that it will show sellers are being realistic about how much they expect to sell their properties for.
Angus Macpherson, partner at ELPG member firm Drummond Miller, said: “In recent months, around 75% of fixed price properties have been sold for below their advertised price. This shows that both buyers and sellers are being realistic about their expectations, as well as the fact that there are still plenty of properties being bought and sold in Edinburgh.
“By providing these new January Sales prices, we are showing that buyers can secure a property at a very reasonable price and that there has never been a better time to purchase a new home.
“Interest rates are now at their lowest-ever levels, while some lenders are starting to offer better mortgage deals for their customers. Recent figures from Nationwide have also shown that house prices in Edinburgh have not been as badly affected by the economic downturn as the rest of the UK has, so this is a real opportunity for buyers to secure a bargain.
“We have always said that when confidence returns to the market, we will start to see a swift recovery. There are plenty of sellers who are waiting patiently to sell their properties and, when buyers are confident enough to make a purchase, it will help spark activity along the whole property chain.
“An entry-level purchase can potentially lead to seven or eight transactions along the ladder, as sellers are freed up to make their next purchases, so we are determined to simulate the market to allow this to happen.
“Our message is clear: the conditions are perfect for buying a home and, with the January Sales in effect, you won’t get a better chance to secure your dream property for a bargain price. What are you waiting for?”
* You can see the full coverage of this story in the Edinburgh Evening News by clicking here or following the following link: http://edinburghnews.scotsman.com/topstories/Property-prices-drop-by-100k.4889183.jp