Since we have returned to “business as usual” we have been astounded at market activity and sales agreed. The Edinburgh residential property market was performing extremely well before this pandemic and the team were anxious at the uncertainty when the market was set to reopen, not knowing how quickly the market would recover.
However, we are delighted to report that the market is as good as it has ever been and prices achieved are at an all-time high. Enquiry levels are through the roof, but we are noticing viewing figures are down due to having to have strict appointments for viewing with full PPE in place for both viewers and sellers. It has actually worked incredibly well as we only get motivated buyers through the door as people don’t want to view dozens of properties but only their top 3 or 4 and then make a decision quickly thereafter. Our HD videos that we include as standard for every property we sell have really come into their own these last few months.
The demand has been created for a number of reasons but for those looking to move prior to lockdown their search was simply put on hold and then continued once they were able to get back out to view properties. An introduction of new buyers looking for garden space or additional rooms for home working has further stimulated the market and we have certainly seen this reflected in our figures since returning to the office. In our first full month back in July, we recorded our best ever levels of listings and sales agreed in a month since we opened the office in March 2016.
As mentioned, sales prices have never been as high as they are now. Our average listing home report value is £265,000. Clients should expect to achieve on average 5% above home report valuation but in extreme cases this can be beyond 10% with one sale in July in excess of 20% beyond home report valuation!
As we come towards the typically quieter time of year, we expect this pace in the market to begin to slow down, however the Edinburgh market is as consistent throughout the calander year as it has ever been and we believe this is purely down to technology and connectivity. We believe that the economy has some big challenges ahead, but we are cautiously optimistic about the Edinburgh property market going into next year as there is always demand for property here in the capital city. We would not have predicted how active and strong the last three months have been.
In this new world we find ourselves in and have had to adapt to quickly, we will continue to advise and help our clients through challenging market conditions. More than ever that service and communication that we pride ourselves on is what makes a difference in the end result.
Our highly experienced team have already helped many homeowners climb the property ladder in Edinburgh – so come and try estate agency services the Clyde Property way!
Contact our Edinburgh team on 0131 297 5999 for more information.
Clyde Property is a leading independent, multiple award winning estate and letting agent with 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.
