1st April 2011 back to news

GS Residential review for March 2011

Every month Graham + Sibbald will give an overview from the various locations across Scotland. In March – ‘…an increased number of Home Report refreshes being instructed through the last month, possibly at the highest level since Home Reports were introduced’

The Perth market has been interesting with closing dates coming back to the market due to competitive bidding with fresh properties coming to what has been a fairly stale market. Transactional activity remains down by around 15 to 20% overall but sale prices are holding up reasonably well with discounts of less than 5% from asking being typical. Sellers are aware of the need to have a well presented property to achieve a sale in the current climate and they are keen to mitigate higher category repairs by carrying out works which is helping to improve the quality of stock available.
Greg Davidson, Perth

I have seen an increased number of Home Report refreshes being instructed through the
last month, possibly at the highest level since Home Reports were introduced, which
demonstrates that there is improving demand in the market, and also that vendors may now
be prepared to accept what their property is worth. We are now moving into the Spring
period ( which traditionally sees improvement in the market ), and recent activity gives us
some grounds for optimism that despite the negative economic backdrop, we may see some
increased activity in the residential marketplace in the Greater Glasgow area. Vendors have
however got to realise that even if there is increased activity, the buyers will only pay what
their property is worth, and may even try to pricechip!!
Craig Henderson, Glasgow

Over the past month we have seen a positive increase in activity in the local housing market with more properties being listed as would generally be expected at this time of year.  There is also however evidence of sales transaction beginning to take place within reduced time periods, reducing the requirement for refresh reports, as well as the occasional closing date creeping in.  At present prices remain fairly steady, and there is hope this momentum can be sustained into and through the summer months.
Darroch Robertson, Aberdeen

Despite a recent slow down ongoing requests for refreshed Home Reports confirms positive sales activity is still taking place. Many buyers continue to offer questionably low initial bids but most sellers completing sales have been successful by obtaining realistic valuation advice at the outset, holding their nerve throughout marketing and maintaining sensible levels of expectation. In so doing public perception is that the Home Report is achieving its goal. Further evidence is a consolidation of prices and the number of new sellers introducing properties to the market to replenish sold stock. First time buyers still struggle to find affordable property and reports of increases in inflation and possible interest rate rises serve only to undermine much needed growth in confidence.
Kevin Donaldson, Inverness

The market continues to develop as our March Home Report instructions are up again on the previous month. New stock is arriving on the market and selling if it’s sensibly priced. We just need mortgage lending to increase, as the availability of mortgage finance is key to getting more people moving. When the positive aspects of the current system are explained to vendors the vast majority see the benefits of the Home Report over the previous system.
Graeme Lusk, Kilmarnock

With further tightening of budget constraints on the average household this month and likely
increase in interest rates in the near future, there remains an uncertainty for potential sellers
to place their property on the market amid coverage of "The Big Squeeze", the latest buzz
word to hit the media. In the marketplace in Lanarkshire there is still evidence of sales
transactions concluding for properties which have been on the market for some time perhaps
aided by a small number of lenders introducing gifted deposit mortgages and 90-95% loan to
value ratios on certain first time buyer mortgage products.
Andrew MacFarlane, Hamilton