“Half the Usual Supply” Blights Edinburgh Buyers

by Chris Fairbairn

Thursday, April 19th, 2018

Want create site? Find Free WordPress Themes and plugins.

Warners Solicitors and Estate Agents report on housing market shortages in a property PR story A DRAMATIC shortage of homes on the market is exacerbating the problems facing buyers in the Scottish capital.

With only around 1000 homes listed for sale across Edinburgh, increased competition is driving premiums up and selling times down.

According to Warners Solicitors and Estate Agents, this resulted in around 84% of homes sold during the first three months of the year achieving a price in excess of the Home Report valuation – a marked increase compared to 55% during the same period two years ago.

David Marshall, Operations Director with Warners, said: “The main driver for the strong seller’s market is simply a lack of properties available for sale.

“The number of homes on the market just now is less than a half of what you would typically expect at this time of year, where you could historically count on closer to 2500 listings.

“This supply shortage has been a characteristic of the market for a number of years now, with fewer homes on the market encouraging fewer potential movers to act. This is compounded as Edinburgh’s population increases and older buyers increasingly look to downsize.

“For those who are simply looking to sell this is all great news of course. They can reasonably expect that their property will sell quickly and achieve a good price.”

Warners’ research comes as a report by The Resolution Foundation predicts that up to a third of UK millennials (those born between 1980 and 1996) face living in private rented accommodation all their lives.

First-time buyers find themselves at the sharp end of the current situation, as securing a property increasingly require additional reserves of thousands of pounds.

This is because lenders won’t tend to lend over the valuation. For a £130,000 one-bedroom flat selling at the average premium of 6.7% above valuation, that would require close to £9,000 up front in addition to the deposit and fees.

David added: “There are some reasons for optimism for buyers. As we look forward in 2018 there are potential headwinds facing the market which should lead to the market cooling down somewhat in the months ahead.

“In many areas of the UK, and in particular further south, the market has already begun to cool. It is reasonable to think that this will have a knock-on effect for the rest of the country in due course.

“This is unlikely to be sufficient to fully redress the current imbalance between supply and demand however and overall the market is likely to remain challenging for buyers throughout 2018.”

Warners Solicitors and Estate Agents is one of Edinburgh’s leading estate agents, operating three property centres throughout the city.

LOOKING FOR A PROPERTY PR AGENCY

Our team of communicators is here to help you achieve your business aims. If you’re interested in learning more, give us a call on 0131 561 2244 – or get in touch by using the form below:

Your Name (required)

Your Email (required)

Subject

Your Message

Did you find apk for android? You can find new Free Android Games and apps.
Chris Fairbairn of Scottish public relations agency, Holyrood PR in Edinburgh

Chris Fairbairn

Chris Fairbairn is an Account Director with award-winning public relations agency Holyrood Partnership. He is part of an expert PR team delivering PR services to a wide range of clients from headquarters in Edinburgh, Scotland.

View Chris's Profile

Related Posts

So how can we help?

Meet the team

Meet the team

Our people

Meet the people who make Holyrood PR what it is, and get an insight into what makes them tick

Make an impact with PR photography

Make an impact with PR photography

Find out more

Every story can be told better with pictures. Discover our affordable, high-impact photo packages.

If you have any comments or questions, please contact us.

GET ON THE PRIORITY LIST

Keep ahead of your oppositions by getting the free tips, insights and secrets we share for businesses. Straight to your inbox, every month.
Email address
First Name
Last Name