The Edinburgh market since June 2020 has been nothing short of astonishing. Generally there has been huge under supply but with high buying demand with confidence well and truly throughout the market. This is certainly not what we would not have thought back in April last year in the grips of lockdown. However, most of our priorities have changed this last year and that can be mirrored with people’s demands of their home.
Garden space is at an absolute premium now and couple that with space required for home working space has meant that we have seen more buyers and sellers enter the market as well as the pause of activity and sellers wanting to move from Spring 2020. We are now faced with a tricky set of market conditions meaning that sellers are reluctant to go to market as they cannot identify their next home further fuelling the under supply and contributing to high prices being achieved.
Over the past few months, property prices have continued to rise across the board and more properties are reaching a competitive level, resulting in closing dates. The majority of properties are achieving offers in excess of valuation and some even as high as 15%!
We have been selling successfully both locally and across Edinburgh and the demand for buying continues to grow. It has never been clearer that now is the time to sell! It is very hard to predict what will happen going forward but in the short term I expect more properties to come to market as we exit this latest lock down with the appetite for garden or outdoor space being the main reason for moves. As the daily commute has now been removed for a huge proportion of buyers we are seeing young professionals and families moving further out of the city to more residential areas in the Lothians where they are able to get a detached house with additional bedrooms for office space and garden as opposed to a three bedroom flat in the city centre.
Lettings
The long-term rental market continues to be a popular and stable option for landlords who have changed from the short-term let market. Clyde have been offering in-person Covid safe viewings as well as many virtual viewings and video tours for potential tenants, ensuring the continual flow of tenants for our Landlords. We predict the rental market to strengthen as lockdown lifts and students and tourism return to the City. We predict demand starting to outweigh supply again in the coming months, as it has done historically.
Staff updates
Congratulations to Jessica McPeak our Property Inspector who has been promoted to Property Manager from 1st April. Welcome to Jessica Adams who is our new Property Inspector and Viewing Agent.
Clyde Property is a leading independent, multiple award-winning estate and letting agent with more than 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today for friendly, impartial advice on finding your next dream home.
