January has witnessed a real wave of new properties coming to the market – what does this mean for sellers and buyers in Edinburgh and the Lothians?
- ESPC member firms are reporting a 26% increase in new properties to market in January 2019 compared to January 2018. This is around 200 new properties to the market this year, compared to last year.
- This continues the trend of new properties coming to the market in November and December which witnessed a 21.6% increase of new properties on the market.
Commenting on the latest January property statistics, Jenna Spence, Operations Director with Neilsons said: “More properties coming to the market makes the conditions for buying more favourable for buyers in 2019 than it did in 2017 and 2018 where some closing dates set on popular properties achieved record breaking property sales prices and numerous Offers from keen potential purchasers.
“Whilst the supply has improved, the property market remains very favourable for sellers with sales achieved in as little as two to three weeks and good sales prices being achieved despite there being a slight increase in selling times and marginal decreases in closing dates and the percentage of properties achieving or exceeding Home Report valuation. This is completely normal given the property market stock increases, but sellers should take advantage of the market now.
There is a particular demand in Edinburgh and the surrounding areas for first time buyer properties as first time buyers were regularly being priced out of the purchase market last year. These particular properties (one to two bedroom flats in Edinburgh) are most likely to have quick and competitive closing dates set.
Overall, the changes in the property market conditions have created a more balanced market. The stock is increasing so purchasers have more choice, but the conditions are still very favourable for sellers and are much more favourable than anywhere else in Scotland and even the UK.
My advice to sellers however is to seriously consider selling now before the busy spring period commences when there will be even more properties on the market which may dilute attention on your property.
Purchasers who have been unsuccessful in closing dates can take comfort in the fact that in the coming months there will be an increased amount of properties to choose from as winter winds down and spring commences.”