On the week that featured ‘Blue Monday’, the local property market was anything but blue. After a few busy weeks of market activity, Neilsons reflect on what’s been happening with local seller and buyer activity in Edinburgh and the Lothians in the face of continued negative national press.
Nearly three weeks since we returned from our festive break, Neilsons have already submitted over 150 Offers for local buyers. In our property department, we have received over 90 Offers and 130 Notes of Interest. We have had 80 instructions to sell property so far this month, with over 40 already on the market and 40 still to be listed once marketing material has been finalised and collated. These figures will naturally rise further this month, with a week left to go in January. This week we have six closing dates and rising. Concluded sales at Neilsons are currently sitting at 43 for the month too.
These figures are higher than the same period in 2019, 2020, 2021 – and rather surprisingly given the unique market conditions then – our figures are not far from January 2022. In some instances, activity is higher than 2022 such as property searches for Neilsons’ properties on ESPC.COM which is up +13% and virtual tour views being +14% up on 2022 figures. Both of these figures indicate stronger than pre-pandemic buyer demand at Neilsons. In addition, our website activity at Neilsons is up +10% on January 2022 figures.
Whilst the property market is of course not immune to wider social, economic or political factors, these early figures from the forefront of property market activity in Edinburgh and the Lothians give us plenty grounds for cautious optimism in the Edinburgh and Lothians property market. We are hoping that 2023 creates a much healthier property market where supply and demand are more evenly matched. Early indications in this regard are certainly promising.