Weekly property sales in double figures for Warners
Wednesday, April 1st, 2009
on behalf of Warners Solicitors and Estate Agents
Edinburgh’s leading solicitor estate agent has doubled the number of weekly property sales it has carried out in the last month.
Warners, which is the top 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 double from their January and February levels.
In the first three weeks of March, the firm carried out 29 property sales with a total value in excess of £5 million – including, for the first time in 2009, two consecutive weeks when property sales hit double figures.
Scott Brown, Estate Agency Partner at Warners, said that the figures showed that many buyers in Edinburgh were continuing to look for homes despite the recession, as they are more likely to secure a property for below its fixed price value.
He added: “We’re starting to see a bit of confidence returning to the market and this has been reflected in the fact that we have seen the number of property sales achieve double figures for the past two weeks in a row.
“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.
“Towards the end of last year – and again over the past few months – there have been times when we’ve experienced sales figures that have been lower than this. We have had weeks when we were only selling four or five properties and the total value of these sales was below the £1 million mark.
“The run-up to Easter is traditionally a fairly quiet time for property sales, so we are very pleased with these new figures. They show that people still want an investment that is tangible and relatively safe and property in Edinburgh offers that.
“I think it’s still too early to suggest that this is the start of a full recovery in the property market – especially as many firms’ sales figures are still down by around 50% on the peak figures from 2007 and early 2008.
“However, it’s clear that the 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.”
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.