Warners Reaches Happy 200 Club With Buyer Frenzy
Wednesday, May 20th, 2015
on behalf of Warners Solicitors and Estate Agents
House hunters in Edinburgh have gone on a buyer frenzy as greater consumer confidence fuels a surge in the city’s property market.
Warners Solicitors and Estate Agents has secured 203 sales in the first three months of the year – the landmark figure puts them at the top of the best performing businesses for property sales in the ESPC.
Significantly, Warners listed 204 properties for sale – meaning their sales/listing ratio is at an impressive near 100%, double the next placed agency.
The January-March sales figure is 40 per cent up on the same period in 2014. And the rise in sales is being matched with evidence of more closing dates as increased competition returns to the housing market.
Estate Agency Partner Scott Brown said reaching the 200 sales mark underlines the recovery of Edinburgh’s property sector to 2008 pre-credit crunch crash.
He said: “Across Edinburgh, Lothians and Fife, sales remain buoyant with the number of listings and number of sales both exceeding the figures for the same period at the start of 2014.
“At Warners we’ve already sold more than 200 properties to the year to date – underlining the impact of greater consumer confidence in the property market.
“Our near 100% sales/listing ratio is also huge endorsement of the quality of the Warners team – it’s a combination of getting the right product, getting the right exposure and giving the extra service to deliver results our clients want.
“We’re seeing more people keen to move and that’s probably as a result of the stability of the UK economy in comparison with many other countries, interest rates remaining low, and a new tranche of Help to Buy funds being released. There is also the fact that the Referendum hangover – which caused people to put buying or selling on hold – has well and truly been cast aside.
“There have certainly been more properties which have had competition and closing dates than in previous years.
“I think prices will rise but slowly and steadily over the year. The one question mark which cannot be answered without a magic wand is the General Election.
“Elections always produce a period of uncertainty but let’s remember that is short-term uncertainty which might affect the market a week or two before the election. However, given we have a devolved Parliament in Scotland, there shouldn’t be too many unexpected surprises post the election.”
Warners has held the unofficial title as Edinburgh’s leading property solicitor estate agent for 14 consecutive years since 1999, measured in terms of property sales as recorded by ESPC.
Scott added that his advice to anyone who is thinking of putting their house on the market, is not to delay any further.
He said: “Firstly, I think prices will rise this year. So if you are looking to sell and buy, waiting until later could mean that prices become unaffordable – and that greater competition from a more active housing market could mean you miss out on your ideal home.
“Secondly, the sooner you own then the sooner you’ll be paying a mortgage off (repaying some of that capital to reduce your loan) as opposed to paying rent to a third party. Part of what you repay is adding to your capital.
“Thirdly, interest rates and, accordingly, mortgage rates remain very low and therefore you can buy now and lock into a great rate for several years (depending on your circumstances). “
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