Here at Nicol Estate Agents we have had our busiest month in over 10 years. What’s more, properties are selling in a matter of days not weeks – with some properties achieving in excess of 30 viewings in 24 hours – and record ‘offers over’ figures. If you’re considering selling – we strongly recommend that now is the optimal time.
Across the nation, Scotland has seen the fastest average selling time with a monthly change in average property values of 0.2% and annual change of 6.3%.
The post lockdown boom is accelerating as moving home has filled the usual summer holiday lull that we typically see in July/August. Since Rightmove started to track data over 10 years ago, it has reported the highest ever number of sales agreed in a month and this is up 20% on the previous high. The portal has also seen the highest number of properties coming on to the market in a month since March 2008.
Compared to last year, the week beginning August 10th saw sales agreed figures up by 60% and with record levels of buyer activity, there have been some slight delays meaning that your completion could take slightly longer but if you manage to secure a purchase – you will have beat off some stiff competition.
At Nicol Estate Agents we have noticed that buyers are seeking property in rural locations with access to green space. The recently announced stamp duty holiday has accelerated the market with many investors and buyers exploiting the savings that are to be made. Stock levels are up but selling times are like nothing we have seen before. For buyers who are in a chain-free position, they are most likely to be taking advantage of the momentum that the market is seeing and not be open to chains breaking further down the line.
Rightmove director and housing market analyst says: “There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity and prices. Home movers are both marketing and buying more property than we have recorded in any previous month for over ten years, helping push prices to their highest ever level in seven regions. Rather than just a release of existing pent-up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown. This is also keeping up the momentum of the unexpected mini-boom, which is now going longer and faster. We associate this time of year with diving into the pool rather than the property market, and of sand and sun rather than bricks and mortar, but buyers have had a record £37 billion monthly spending spree.”
Thinking of moving? Contact us today for a free appraisal of your property.