As we entered the New Year, it was an uncertain time for everyone. With a new lockdown underway, many were surprised that estate agents were even able to continue trading, particularly when most businesses were forced to close and with most of us not allowed to venture out to see friends or even visit our loved ones. To be honest, we were also surprised, but nevertheless, delighted that we could do so, and with a sense of responsibility and purpose, we came into the year with the aim of continuing to provide the highest level of service that is not only professional, but most importantly, empathic to all of our clients’ and customers’ needs. This was in the hope that we could make the house moving experience safe, as stress free as possible and ultimately, a happy experience, rather than a chore.
For us at Clyde Property, January signalled the start of the final quarter of our financial year and whilst it has become customary for us to provide you with a market update at this time of year, along with examples of successful sales that we have concluded, we are mindful of the hardship that our community has suffered in the past twelve months and rather than lauding our achievements and dominance in the market locally, we hope that the following information may paint an accurate picture of the local market and ultimately be helpful for anyone contemplating a home move over the coming months.
For buyers particularly, the past few months have been especially challenging. There has been a distinct lack of properties coming to the market. This is entirely understandable and can be mainly attributed to the lockdown, with those who may have been thinking of a home move, placing their plans on hold until such times as restrictions eased. This lack of available homes has subsequently heightened competition amongst buyers. With a real pent up demand, not only from local buyers, but from those moving from down south, we currently find ourselves in arguably the most active market since the heady days of 2007. This is not just the case in Helensburgh, but areas such as Rhu, Shandon, the Rosneath Peninsula, Tarbet and Arrochar have seen unprecedented demand and sales prices of late.
This is obviously fantastic news for those thinking of selling, as prices are rising steadily, selling times are shorter and closing dates with multiple offers being received are now the norm, rather than the exception. However, on the flip side, it is becoming increasingly difficult for buyers, for the same reasons. With many of our properties receiving numerous offers….and in many cases, offers that are well above our clients’ expectations, sellers now have the luxury of choice when it comes to accepting an offer. It is simply not the case that the highest offer will always be successful, but it is often the quality of the offer that counts. Does the potential buyer have a property to sell? Do they have their mortgage in place? Are they willing to conclude missives quickly? So, in essence, buyers who have sold (or don’t need to sell) and have their mortgage in place are in a much stronger position when it comes to making a successful offer.
So in these challenging times, why is the market so strong? Well, there are a few reasons that we can put this down to. Firstly, the Covid crisis has undoubtedly caused many people to reassess their priorities and rethink where they want (or need) to be. With Argyll and Bute offering some of the most beautiful homes and scenery in the UK, and with many more people looking to work from home, the requirement to be twenty minutes’ drive from an office in any of our city centres has diminished. For overall mental wellbeing and quality of life, we really can’t think of many better places to be during these difficult times. Another factor locally is the expansion of the naval base at Faslane. With several more submarines and up to 2000 additional personnel due to be based here later this year, the Ministry of Defence are offering great financial incentives to their personnel, with those looking to buy now in a position to purchase a wider range of properties. When you add the recent LBTT payment holiday, demand from those looking to buy a larger home for their expanding family and a constant flow of buyers looking to downsize, this has ultimatelycreated the strong market conditions of late. As we enter the summer months, in what is always an active period in the market, and with a real sense of light at the end of the tunnel, we fully expect that the market will remain strong for the foreseeable future.
We hope that this market overview has been helpful for all our current and future customers and clients and, as always, should you be thinking of buying or selling, our team are in branch and happy to discuss all of your requirements and ultimately help to guide you through the process.
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.
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