August 2020 proved to be another exceptionally busy month for the Scottish property market.
The number of homes in Edinburgh, the Lothians, Fife and the Borders listed on ESPC during this month was up 41% compared to the previous year. In the capital, the volume of new homes coming to market was up 48% year-on-year.
The average asking price recorded by ESPC in these areas during August 2020 was £250,718 compared to £232,737 last year. In Edinburgh, the average asking price was £264,626 compared to £242,426 last August.
Out of the properties listed by ESPC during August 2020, 93.7% were marketed as “offers over” compared to just 79.3% last year. In Edinburgh, 97.4% of properties were marketed as “offers over”.
In August 2020, the number of properties placed “under offer” on ESPC was up 43% compared to August 2019 and there was a 70% year-on-year increase in the number of closing dates set for properties advertised.
On the firm’s website there was a 69% year-on-year increase in web traffic sessions in August, along with a 58% increase in Home Report downloads, a 220% increase in viewing requests and a 49% increase in the number of buyer accounts set up to receive property alerts.
Property valuation requests are up 87% year-on-year and just slightly behind the record volume received in July.
Paul Hilton, CEO of ESPC, said: “August 2020 has been another exceptionally busy month for the local property market, with ESPC agents across many of the areas we cover reporting high volumes of enquiries and lots of competition for property.
“The UK faces some economic uncertainties going forward and this could impact property market activity, as could any further localised lockdowns in Scotland, such as the one recently in Aberdeen and the one which has just begun in Glasgow.
“However, currently there is a high level of activity in most ESPC areas, which hopefully means the Scottish market is in a relatively strong position going forward.”
Certainly Countrywide Scotland have emerged from lockdown kicking and screaming
11 branches .
As of yesterday
265 out of a total sales inventory of 492 sold subject to contract that is a staggering average of 53+% of inventory
Only 11 properties throughout entire branch network chain been on the market for 12 months or longer and very few from last year
The branch office at Shawlands have already stoked up 23 of their total fresh intake of 56 sales instructions in August alone
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Yes, Scottish Market thriving …some areas seeing a marked increase in Buyers from England, heading for retirement and banking a nest egg from their own sale.
A fine balance of supply & buyers driving the market, as well as the other factors in play. As always, the picture is finally complete when we step back in December and look at the whole year, then pipeline, Covid Part 2, Brexit etc?
Glasgow in lockdown so those buyers/sellers abiding by the rules are stalled, others bending the rules.
In reality, keep working hard to keep up with demand …..and hope the Big Bad Wolf isn’t lurking in the winter shadows!
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