In our first blog of 2021, we look at how Neilsons have performed in January 2021 with our safe and virtual first approach and what the future may hold for the local Edinburgh and Lothians property market.
Neilsons’ January 2021 property market statistics:
- 114 sales concluded, worth £25.5 million
- 18 days on average until properties marked as “under offer”
- 66 properties marketed, an increase of +32% compared to January 2020
- 13,500 virtual viewings
- 70 virtual valuations
- 41% increase in Home Report downloads compared to January 2020
- 125% increase in viewing requests compared to January 2020
- Neilsons website traffic up 135% compared to January 2020
Neilsons’ sales and listings statistics, compared to the wider and collective ESPC membership:
- Neilsons sales in January 2021 are up +171% compared to January 2020
- ESPC sales in January 2021 are up +34.6% compared to January 2020
- Neilsons 18 days on average until “under offer”
- ESPC 20 days on average until “under offer”
- Neilsons listings in January 2021 are up +32% compared to January 2020
- ESPC listings in January 2021 are down -20.7% compared to January 2020
Jenna Spence, Operations Director at Neilsons Solicitors and Estate Agents, said: “The Scottish Government Stay at Home guidance advises you must stay at home unless you have a reasonable excuse not to. There are several examples of what constitutes a reasonable excuse not to stay at home – and a reasonable excuse not to stay at home includes in the context of home moves the permission to leave your house for activities in connection with moving home (including viewing a property) although you must observe the essential precautions, guidance, and Scottish Government advice to postpone, if possible. Health, and reducing the strain on the NHS, is of absolute paramount importance at this time.
At Neilsons, we have worked tirelessly from the outset to adapt to the understandable constraints imposed on the market to enable those that feel it is necessary to move during this time safely, virtually wherever possible and with the guidance of our award-winning residential property team at every step of the way.
The majority of our viewings, and valuations, are now virtual. In total, we have recorded over 186,000 virtual viewings since Spring 2020 via our 360 tours. These are a great marketing feature enabling prospective buyers to view the property on any device at any time of the day or night prior to taking any interest further, and Neilsons were one of the key local pioneers of this technology last year.
Should you wish to have a valuation carried out, we can do all this remotely via video call via WhatsApp, Facetime or Zoom, depending on client preference.
We are delighted to see that clients are responding well to our safe and virtual first approach, and that we have recorded much higher percentage increases for sales and new listings in January 2021 compared to January 2020 than the wider ESPC membership total. In addition, we have marked properties as “under offer” two days faster than the ESPC average.
In January, our sales accounted for 10.4% of the East Central Scotland ESPC market share – a 92% increase on our ESPC market share last January.
The current LBTT (stamp duty) reduction – currently saving buyers up to £2100 on their purchase – is due to end on 31st March 2021 but we will experience the return of the First Home Fund on 1st April 2021 giving successful first-time buyer applicants up to £25,000 towards their first home purchase.
Whilst the property market is of course not immune to a weakening economy, the property market continues to be stimulated by various government schemes, the desirability of the local Edinburgh and Lothians property market and the demand for suitable properties from buyers who have been assessing their home needs after spending more time in the home environment than any other previous year.
We think we will continue to be busy as we progress further in 2021, and Neilsons have demonstrated clearly that we have the tools, remote home working systems, skills and staff to enable sellers and buyers to do so safely – and successfully.”