Where Is The Spring Market Heading?Posted on 20th May 2022 in News
It’s no secret that Spring is an optimum time to buy and sell property – historically known as the ‘spring bounce’, this time of year sees an increased interest in buying and selling properties. This happens for many reasons, from the brighter evenings helping to showcase homes in an ideal light, to the fact owners and potential buyers often take time to think over big decisions after New Year and during the winter months.
The Spring statement reported house sales prices have hit a new record, with average asking prices in Scotland reaching £178,000. In addition, we’ve seen a 2.2% month-on-month increase in prices – and supply is still behind demand by a factor of 2 to 1. How do these findings translate to the West End property market?
Put simply, if you have had reservations about putting your West End property on the market our advice is – don’t wait any longer. Selling now means you’re twice as likely to find a buyer in the first week of marketing as you were in 2019. In fact, according to Rightmove we are experiencing ‘the best ever spring sellers’ market’. The reduction in property available for onward purchases has been a barrier for potential sellers – but the only way this will improve is when sellers are confident enough to put properties on the market.
Getting on the market now means you’ll be in a far stronger position to move on the right property when it’s available. And according to Rightmove statistics, the supply is increasing. The West End property market is always buoyant and weathers storms like the last few years well, so this positive landscape could be even more impactful for property owners in our area.
For more information or a chat please get in touch, we’d love to hear from you.