In Warners’ latest market report, we noted that it was a sellers market this year for homemovers in Edinburgh and the Lothians. This week we saw more evidence of this in reports from the Post Office.
Properties in Edinburgh are selling faster than most other UK, according to the Post Office report. Homes in the Capital are spending an average of 53 days on the market, well below the average of 91 days for the rest of the UK.
Over the last 12 months market conditions have strongly favoured sellers. At Warners we’ve actually seen most properties that have come onto the market with us recently going under offer in three weeks or less. The main reason is that there is an excess of demand over supply, or in simple terms, there are more people looking to buy than there are people putting their homes on the market. As a result, most properties are attracting multiple notes of interest allowing sellers to set quick closing dates and achieve strong offers.
It’s easy to see why; demand in Edinburgh has been strong across the board, with activity high among all demographics from first-time buyers to experienced investors. A number of factors make the city attractive. The city has a large student population meaning rental demand is always high for investors, house price growth has been strong over the last year or two which always attracts buyers, and despite the upward shift in prices the city remains relatively affordable when compared with major cities like London.
For those looking to sell, all of this is good news as the balance of power in the market is clearly lying firmly in their favour, as further evidenced by the Post Office report.
For those looking to purchase a property, the current market can make the buying process a little more complex. Having fewer properties on offer often results in stiff competition and can mean buyers are unsuccessful with offers on a number of homes before securing success.
If you’re thinking of making a move on the property ladder, Warners is here to help. Our friendly, experienced team has access to all the latest selling prices and is constantly monitoring the local market to make sure we can give you the best possible advice to get your new home for the right price.
If you are thinking of buying or selling a property, feel free to get in touch today on 0131 667 0232 or by emailing email@example.com and one of our friendly team will be delighted to help.