Ewan Blair reports on the market during the last quarter.
Click on a branch link below to access the quarterly market review for your area.
The tail end of Quarter four 2017 remained busy. Buyers kept activity levels up, and as a result, sales right up until Christmas remained steady. Unfortunately, potential vendors were not in the mood for selling, more focussed on Christmas, and as a result, stock levels fell sharply.
Quarter one of 2018 saw this trend continue. Sales picked up quickly as soon as the holidays were over, but new listings were thin on the ground. A lack of enthusiasm from vendors and inclement weather ensured that stock levels remained exceptionally low.
This had a hugely positive effect on sales however, with stock low and demand high, competitive sales/closing dates have become the norm (and almost expected) in most postcodes.
Most owners will not list until they have secured their next home, and with stock so low this has had a self-perpetuating negative effect on the market - at least in terms of volume/churn.
We are definitely starting to see more activity coming out of February and through March, despite heavy snow and general wintry conditions, stock levels appear to now be gradually improving.
As it stands, anything well-presented and well-priced will sell. Premium prices are being paid on a daily basis, and achieved sales are (in some cases) well over prices achieved circa 2007.
We appear to have had little or no abatement due to increased interest rates and only mutterings about Brexit (further up market).
The top end, whilst appearing to be fairly dormant, has seen completed sales just shy of £900,000, low-mid £800,000’s and £700,000 all during March, which (given that we aren’t even into spring) is pretty reassuring.
Going forward, we have the demand and the mind-set for an excellent second Quarter. On the understanding that stock becomes more free-flowing, we can look forward to a prosperous 2018.
The public must surely agree, anyone keen to move will want to see fresh newly listed houses and plenty of them.
To discuss your own move (in confidence) please do not hesitate to call us or drop into the branch, that’s how most of our clients like to do it. Clear and understandable consultation, with no jargon or sales pitch, just honest advice!
Corum Shawlands office
247 Kilmarnock Road
Tel: 0141 636 7588