1st March 2011 back to news

GS Residential review for February 2011

Every month Graham + Sibbald will give an overview from the various locations across Scotland. This month – it looks Spring has started early showing a sign of a silver lining?

 

“We are starting to see a steady increase of new vendors over the last few weeks, as we begin to come out of the festive slumbers. Still some caution noted in comments and feedback from vendors, and their expectations over the coming months- but there are buyers out there waiting on the right properties coming onto the market- many have been renting since selling their own property pre Christmas. There is no doubt that the vendors who implement any repairs highlighted in there Home Report are presenting their home to the market in a better condition, and the buyer is more likely to purchase a property where the vendor has implemented any repairs which the Home Report highlighted. Food for thought, for all vendors!”
Craig Henderson, Partner, Glasgow

 

“We have seen a considerable increase in Home Report instructions in February. This, coupled with continued requests from lenders for transcripts on existing stock indicates that the market is beginning to waken up - good news!”
Graeme Lusk, Associate, Kilmarnock

 

“2011 has started positively with improved interest and viewings. There have even been some closing dates which show there is a depth of interest at some levels. I am looking for the spring markets to define the year ahead. Last year they were subdued and the rest of the year continued in the same tone.
We are receiving continued positive feedback about the influence Home Reports are having. Viewers/purchasers seem happy to rely on reports and the sellers appreciate knowing the extent of outstanding repairs so that they can deal with them accordingly to maximise the sale price. If lenders were to extend their acceptance period from 3 months to 6 months this could also help to improve the process.”
Greg Davidson, Partner, Perth

 

“After a slow start to the year Inverness and the surrounding area have recently experienced a renewed interest from both buyers and sellers across most sectors of the market. This is most evident from increasing numbers of requests for refreshed Home Reports as a sign of sellers progressing toward a sale and receiving positive interest or offers from prospective buyers. This activity flies in the face of continually reported pessimism in the general housing market due to economic pressures, impending cut-backs and potential interest rate rises although undoubtedly strict lending criteria continues to place a stranglehold on first time buyers as well as those requiring higher borrowing to allow market progression. Despite renewed interest signs of values increasing are still eagerly awaited.”
Kevin MacDonald, Partner, Inverness

 

“During the past month activity has increased significantly with a larger number of second hand properties coming to the market as would be expected at this time of year as the weather has continued to improve.  Solicitors/Estate Agents in Aberdeen City and surrounding Shire commuter towns in particular are reporting increased enquiries with sales of older housing stock now selling more readily and a number of sales going to closing dates.  As the relatively buoyant Aberdeen economy continues to weather the downturn better than other parts of the country it is hoped that stability of prices will remain, with hopefully some growth in later months.”
Darroch Robertson, Associate, Aberdeen

 

“There's been a noticeable increase in activity in the housing market in Lanarkshire. We have
experienced an increase in Home Report instructions but also of Refreshed Home
Reports; an indication that properties on the market for some time are beginning to attract
buyers. Home Reports are also proving to be a catalyst for home repairs and upgrading, and
an improvement in the housing stock available. Of the Home Reports we have prepared and
defects identified, 60% of those reports led to repair work by the vendor. It’s in the vendors interest to complete remedial action to maximise the appeal of their property to the discerning
purchaser and achieve best price, particularly in the current economic climate where
purchasers require to source a considerable deposit to secure mortgage finance and meet
stamp duty requirements”.
Andrew MacFarlane, Associate, Hamilton

 

We are indeed looking forward to the Spring market, defining the market ahead.