Warners enjoy PR for SMEs to tell story of property trends in Edinburgh.
Thursday, January 19th, 2017
on behalf of Warners Solicitors and Estate Agents
Homeowners in Edinburgh are benefiting from the strongest sellers market since the 2008 recession – according to a leading capital property expert.
NEW data, covering the period from between October and December 2016, shows that more than 70% of sellers benefitted hugely from the buoyant market conditions by achieving a price equal to or above Home Report valuation.
The trend meant that the average price of a property shot up to £232,781, up 3.8% on last year.
This is in stark contrast with the same period of time in 2013, where the majority of properties sold in Edinburgh were secured for less than their original valuation.
Statistics from ESPC also revealed that capital-based sellers were able to take advantage of a speedy sale, with average time spent on the market plummeting to just 22 days, down from 29 days in the fourth quarter of 2015.
David Marshall, Operations Director at Warners Solicitors & Estate Agents, said: “The reasons why sellers find themselves in such a strong position are fairly simple.
“Demand from buyers is consistently high, fuelled by low interest rates coupled with mortgage lending and economic conditions that are more favourable than they have been for a number of years.
“At the same time, the supply of properties coming onto the market has been and remains comparatively low, as would-be sellers opted not to put their home onto the market until they found somewhere that they wished to buy.
“This trend is self-perpetuating as the more people who wait until they see a property they want to buy; results in fewer properties then coming onto the market – ultimately causing this huge imbalance in supply and demand that is favouring sellers so dramatically.”
Looking ahead to 2017 and David Marshall believes the signs are out there that the market will begin to balance itself out.
He added: “There are reasons to believe that the market will become more balanced in the months ahead. In December, we noted that there had been tentative signs during October and November that more sellers were getting ready to take the plunge and put their home on the market.
“We saw nothing to change this view in December, with Warners’ seeing a rise of almost 70% in the number of pre-sale valuations that we were asked to attend, compared to December 2015.
“This will be welcome news of course for first-time buyers for whom market conditions had become increasingly challenging last year, not least because banks are not typically willing to offer loans that exceed the valuation placed on a property.”
Warners operates three property centres in Edinburgh and is one of the capital’s leading estate agents for property transactions.
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Chris Fairbairn is a PR account manager 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
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