7th December 2011 back to news

GS Residential review for November 2011

The market remains extremely difficult, and is further compounded by the traditional slow down in the final quarter of the year. Constant media coverage of the difficulties in the Euro Zone, have in my opinion caused potential sellers and buyers to question whether now is a good time to sell or not! however what to bear in mind is anyone currently on the market will be looking for a property to purchase when they sell their own home. I expect that with little chance of any significant improvement in the economic outlook, the market for 2012 is going to be as challenging, if not more challenging than 2011 for all connected with the property market.
Craig Henderson, Partner, Glasgow Office (photo)

As expected market activity within the past month has decreased as seasonal trends continue to have an overriding influence on market activity.  This is reiterated by a reduction in properties entering the resale market, which can only help existing stock as supply becomes more limited.  Vendors of lower end properties in poorer condition are generally accepting lower offers for their properties. In addition with continued economic uncertainty buyers are becoming increasingly cautious with their offers. However attractive and properly marketed properties continue to attract high levels of interest and generally sell within a reasonable time period.  It is expected however that as we enter the winter months transactional activity will continue to fall as per previous years.
Darroch Robertson, Associate, Aberdeen Office
November has been a slightly strange month,  a number of agents are reporting closing dates with competitive bidding on properties recently coming onto the market. This spike in sales indicates that there is still demand for quality property, correctly priced. However, other sectors of the market with an oversupply  are still having to offer good value to achieve a sale. I do expect the seasonal downturn to take hold in December and early January however I would always recommend some owners consider putting their house on the market early in the new year to attract interest from the "new year, new broom" movers.
Graeme Lusk, Associate, Aberdeen Office