News In Focus
Edinburgh firm reports upturn in housing sales
Edinburgh solicitor/estate agent Warners believe the property market could be starting to turn for the better, after seeing the number of weekly property sales it has carried out double over the last month, the firm announced today.
New homebuyers entering the market have contributed to a total of 29 property sales in the first three weeks of March with a total value in excess of £5 million.
Estate agency Partner Scott Brown said the figures showed that many buyers in Edinburgh were continuing to look for homes despite the recession, as they were more likely to secure a property for below its fixed price value.
He observed: “We’re starting to see a bit of confidence returning to the market and this has been reflected in the fact that we have seen the number of property sales achieve double figures for the past two weeks in a row.
“With all the negative reports about the state of our property market, the common perception is that there’s nobody buying homes at all at the moment, but this isn’t true. Many people are finding that, as long as they are realistic about how much they think their properties are worth, they are able to sell and make their next move up the property ladder."
Mr Brown said that there had been times in recent months when the firm was only selling four or five properties a week with a total value below the £1 million mark.
While agreeing that it was still too early to suggest it was the start of a full recovery in the market –transactions are still down by about 50% for many firms – he added: “The run-up to Easter is traditionally a fairly quiet time for property sales, so we are very pleased with these new figures. They show that people still want an investment that is tangible and relatively safe, and property in Edinburgh offers that.”
- In another vote of confidence in the property industry, solicitors Gillespie Macandrew today announced that they are to sponsor the Housebuilder of the Year category in the Scottish Home Awards 2009, the second year the firm has been involved in sponsoring the awards.