Warners figures show Edinburgh property is selling above UK average
Wednesday, November 12th, 2008
on behalf of Warners Solicitors and Estate Agents
Read the full story in The Scotsman here: http://news.scotsman.com/scotland/Warners-upbeat-despite-sales-slump.4675942.jp
Edinburgh’s leading solicitor estate agent has reported a rise in the number of weekly property sales it has carried out over the past four months.
Warners, which is the leading property solicitor in terms of property listings, property sales and total sales value in the ESPC, has revealed that due to new home buyers entering the market, it has seen its sales figures rise from a summer low of just seven per week to a new high of 13.
The figures show that, over the past six weeks, the firm has carried out a total of 66 estate agency sales – with the number of sales remaining steady at between nine and 13 per week. In 2007, Warners sold 125 properties during the same six week period.
And the number of weekly sales is considerably above the current UK average, which the Royal Institution of Chartered Surveyors recently estimated stood at just one sale every week per estate agency.
Warners said that, although their figures were around 50 per cent lower than the same period last year, they show that there are plenty of people who have not been put off from buying property in the Capital despite the economic downturn.
Scott Brown, Estate Agency Partner with Warners said that many buyers in Edinburgh were continuing to look for homes despite the credit crunch, as they are more likely to secure a property for below its fixed price value.
He added: “With all the negative reports about the state of our property market, the common perception is that there’s nobody buying homes at all at the moment, but this isn’t true. Many people are finding that, as long as they are realistic about how much they think their properties are worth, they are able to sell and make their next move up the property ladder.
“Recent figures from the ESPC have also shown that around 75% of fixed price properties are being sold below their advertised price and, as there’s less competition for properties, buyers are realising that they can get their first-choice home at a potentially bargain price.
“Earlier this year, we had weeks were we were only selling seven or so properties and the total value of those weekly sales was dipping under £1 million. However, over the last six weeks, we’ve been recording between nine and 13 sales a week worth around £2 million, which is very pleasing.
“Although we are still experiencing the effects of a slowdown in Scotland’s property market, it’s good to see that there are buyers and sellers with enough confidence to make a property sale. Many people are realising that, even if they sell their home for less than they expected to, they will be able to make a saving on their new property and will not lose anything by trading up.
“Our figures also show that, although we are down on the number of sales we had at this time last year, there is still a lot of activity in the market. People still want an investment that is tangible and relatively safe and property in Edinburgh offers that.
“It’s clear that this message is still being heard by buyers and sellers in Edinburgh who have not been put off from entering the property market. They understand that the current climate represents a good opportunity to buy at a good price before the prices generally start moving back up.
“Our advice is, if people do want to sell, they should find a proactive agent that will be honest and realistic about their sales price and not just give an inflated figure they want to hear. Buyers should also be aware that we are still offering the same proactive, quality, value for money service that we have always done and that is being reflected in these figures.”
Warners, which has four property shops in Edinburgh and Lothians, has been the leading property solicitor in terms of property listings, property sales and total sales value in the ESPC for the past nine years.
The new figures come just weeks after it was revealed that property sales in Edinburgh had climbed by almost 50% in just one month. The stats, from the ESPC, showed an increase in weekly sales from 99 sales to 142 from mid-September to mid-October