2nd November 2012 back to news

GS Residential Review for October 2012

Agents are reporting fairly healthy sales numbers but few properties coming to the market. Prices have remained firm with one or two closing dates for better quality properties. Prospective buyers continue to have difficulties with the larger deposits required. This is particularly evident in the 2nd time buyer sector where original deposits have been eroded by falling prices in the last 3 to 4 years.
Peter McEachran, Partner, Paisley

We have seen an increase in the number of instructions received from new sellers coming to the market, with many hoping to sell prior to the Festive period. We have also seen a slight increase in the number of replacement Home Reports, again proof that older stock has found buyers. There is no doubt in my mind that there has been many sellers of older stock finally listening to their agent
and what the market is telling them, that there are buyers, provided your price expectations are
sensible- this is reflected in sales being achieved. I suspect that we will see another four weeks or so of simialr activity before we see the seasonal slowdown towards the festive period. Confidence
remains fragile, so good or bad news bombarding us all through the media is absorbed and
reflected quickly.
Craig Henderson, Partner, Glasgow

The market continues to be influenced by local factors as sales and enquiries slowed down considerably around the October holiday period. This seems to be exacerbated in a slower market where there is already less activity. However on a positive note markets seemed to have returned to reasonable activity and it seems to have just been a holiday blip. Sales are continuing across the board although new listings are starting to tail off as we approach the traditionally slower festive period.
Greg Davidson, Partner, Perth

October has seen a slight slowing of the market, in line with seasonal trends from the past 2-3 years. Demand for good stock remains reasonably high. New build developers reporting strong sales figures. There remains a definite stagnation in the mid to lower end of the market with poorer stock remaining unsold for lengthening periods of time and often selling below reported Home Report valuation figures. This in turn is resulting in a driving down of reported Market Values for properties at the lower range of the market. It is expected that the market will continue in the same vein during the winter months thus making it imperative that vendors entering the resale market are realistic in their expectations with their property valued and marketed at a fair, reasonable and realistic price.
Darroch Robertson, Associate, Aberdeen

The lead up to Christmas is traditionally a quieter time for house buying and selling. However, from the healthy number of new instructions and requests for replacement Home Reports received over the last quarter this confirms that sales are continuing to take place and prices showing through are being maintained at or around valuation level. Sellers are also being tempted to bring their property to the market in anticipation of benefitting from these positive indications and those who maintain a pragmatic approach to how their property is pitched and how the market is reacting are the ones who are most likely to succeed.
Kevin MacDonald, Associate, Inverness