Is the Scottish housing market recovering? March 2013 market briefing
With opinion swaying wildly on the subject, we’ve gathered cold, hard data to determine what’s actually happening to the Scottish Housing Market. This month’s Market Briefing looks at what the evidence says.
The value of property sold is now back at around 2008 levels for houses in the upper price bands
After a low point in Q1 2009, we have seen a slow but steady increase in activity since. What is more; for higher priced property, we are seeing the value of property sold is up around 2008 levels again. The lower end of the market is seeing a more partial recovery.
The Start of Something Big?
The number of transactions is on the rise among first time buyers – mortgage lending is on the increase, albeit not to the same levels as 2008. This is partly due to several initiatives to encourage lending from banks, which appear to be working to offer credit to those who would not usually be able to get it. These signs suggest we could be on the cusp of a stronger recovery in the market. First time buyers are the lifeblood of the housing market and their numbers need to show a strong upturn before we can truly believe that there is a sustainable recovery.
We are seeing the evidence ourselves – our enquiries are up 40% year on year. We are seeing houses sell more quickly, receiving more viewings, enquiries and reservations – at both ends of the market. Although not out of the woods yet, there is now more than a patch of clearing for us to aim for.
Read The Full Report
You can read the full Scottish Housing Market Briefing Report here.