6th July 2012 back to news

GS Residential Review for June 2012

We have seen a gradual slow down in market activity in many locations over recent weeks, in the
run up to school holidays. This is a typical trend during June, and given the poor weather is no real
surpise as people pack their cases and head for the sun. I expect the summer to be a tough shift,
as usually market activity slows down and many sellers may choose to hold off marketing until
after the summer. The up side of this, is however those properties currently on the market will
hopefully see the buyers that are out there looking for a suitable purchase opportunity.
Craig Henderson, Partner, Glasgow Office

Over the past 3 months the residential property market  has appeared to remain at a similar level, which is borne out by recent statistics produced by Aberdeen Solicitors Property Centre.  Sales of properties continue to take place within reasonable timescales, with well located, high specification properties often selling for figures well in excess of Home Report valuations.  In addition builders advise continued good levels of sales, helped by selective incentive offers.
Darroch Robertson, Associate, Aberdeen Office

The momentum gained in the Highland market earlier in the Spring has been maintained throughout May and June up to the start of the Summer holiday period. This is due to the steady stream of properties available for sale being off-set by ongoing sales which have helped maintain the still finely balanced equilibrium between supply and demand. Valuation levels across most sectors have consolidated further and some relatively quick transactions have taken place releasing more buyers into the market place. Stamp duty thresholds are still perceived as a hurdle to overcome but prices generally have firmed up largely through sellers holding their nerve and not being brow beaten into accepting lower offers as a foregone conclusion. Realistic expectations, valuations and pricing are still key.
Kevin MacDonald, Associate, Inverness Office

After a busy May and beginning of June, the second 2 weeks of June saw a slow down as the looming school holidays had an impact on Home Report Instructions. We have seen the trend of a number of transactions concluding with sales confirmed at or very close to the Home Report valuation figure continuing. Estate Agents have said that enquiry rates are down due to the wet weather; however there is still good value to be had with a purchase at this time.
Graeme Lusk, Associate, Kilmarnock Office

Uncertainty in the market and general economy continues to make it difficult for purchasers to commit. As such, transaction levels have dropped back a touch and there is no particular driver for these to change significantly over the foreseeable future.
Greg Davidson, Associate, Perth Office