Posted on: Thursday, June 24, 2021
2021 is set to be one of the busiest sales years in over a decade
Agents report the sales to stock ratio in Scotland is at a record high (RICS). Across Scotland the annual rate of housing stock turnover is 4.8%, the strongest of any region of the UK. The most active markets are currently Midlothian and East Lothian.
Price growth strengthens
Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.
Year-on-year price growth across Scotland is substantially stronger than the 0.7% recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in twelve local areas across the country.
A seller’s market
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in Scotland is 27 days. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
Contact us
Take advantage of the seller's market this summer with the best agent in your area. Contact your local Guild Member today.
How Much is Your Property Worth?
A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.
Book a Valuation