According to a recent report published by the Registers of Scotland (RoS) the total volume of sales across Scotland has increased by 8.1% compared to the same period last year. Their figures show a consistent pattern over the previous two quarters with all ‘property types’ returning an increase in the number of sales. This points to an improvement in the market over a more prolonged period of time.
Interestingly they have stated that during the first quarter, April to June 2013 the average price of a residential property in Scotland decreased by 0.3%.
Whilst their data outlines an increase in volume coupled with flat prices, which is to be welcomed, it should be noted that RoS published data typically runs 3 months behind what is actually happening in the market ‘here and now’.
The Here and Now Data
For a more current snapshot you need look no further than ESPC’s statistics as their data is captured when a property is actually sold by a member firm.
In the July release of data, they highlight that the number of homes sold during the second quarter reached its highest level since 2008. Residential sales recorded between April and June rose by 13.4% annually. They further state that in Edinburgh properties achieved an average selling price equal to 96.2% of their valuation which was up from 95.9% in the previous 12 months.
Although the number of homes selling has risen, ESPC also report that house prices in most areas are lower than last year. In Edinburgh for example, the average selling price of a property in the three months to June was 4.6% lower than the same period last year.
Could This Be Ideal Market Conditions ?
With sales volume up, more buyers looking to view property and prices running flat or lower than last year this could be an opportunity for those looking to move up the property ladder to start the process of selling and buying before any upward trend in prices.
Conditions also look good for first time buyers with mortgage rates low, increased funding and the possibility of help from the Government on Shared Equity.
Still Unsure ?
We understand how daunting it can be to make a move and that’s why we offer a no obligation pre sale consultation covering the buying and selling process together with detailed information about the dynamics of the market. Why not call now to arrange your consultation.