If you are contemplating a property move, here is what to expect in this essential post lockdown property market update.
There is something to be said about this unprecedented year – after a great beginning of 2020, in which no one would have anticipated what was to come, we quickly adapted to support our clients safely during lockdown. Members of staff worked from home around the clock to keep supporting lettings and offer as much support as possible for buyers and sellers. Once lockdown has been lifted we were ready – and rearing to go to get our clients moving again.
Post lockdown surge in property demand
After a long time cooped out inside tackling DIY and improving their homes, many local homeowners feel it is time to make a move on the property ladder. Working from home opens up new needs and requirements that many have become aware of during lockdown. This, added to the backlog of sales that were organically coming to the market – people who had planned a move since last year but were caught in the market freeze, created a wave of new listings coming to the market.
The surge in property listings is only surpassed by the current level of demand. Buyers have flooded the market, ready to make a property move. We are booking as many as fourty viewings to some properties – all keen buyers wanting to make a move. Closing Dates are routine and post lockdown all sold properties have achieved or surpassed Home Report valuation.
Successful property sales and frequent Closing Dates
Only a few recent sales highlights to further show current market conditions.
SOLD at Closing Date – Alderman Road, Knightswood
This three bedroom Semi Detached Villa had 39 viewers in 6 days and sold at closing date last week following multiple offers submitted, all above Home Report. The seller was delighted to accept an offer substantially above home report valuation.
SOLD at Closing Date – Drumry Road, Clydebank
This 3 bedroom Extended Semi Bungalow located on Drumry Road in Clydebank had 40 viewers within a week of its listing and secured 10 offers at Closing Date, selling for a price substantially over Home Report value.
SOLD at Closing Date – Kingfisher Avenue, Alexandria
This beautiful family home gathered lots of interest as soon as it was listed and sold at Closing Date for a price over Home Report.
Many disappointed buyers are still on the market looking for the right property. If you are thinking of selling, our advice is to invest a bit of time and money in bringing your property into good decorative order, as this instantly raises the level of buyers’ interest – and get ready for a wave of interest and viewings.
Our advice for local buyers is to make sure you are in the best position to make an offer to avoid disappointment. Keep an eye on new listings, book a viewing quickly and make sure you are ready to place a firm offer immediately in order to not miss out.
LBTT rules changed to stimulate the property market
The Scottish Government announced on 9 July that the starting threshold for LBTT for residential property transactions will be raised from £145,000 to £250,000. The revised rates and bands, apply to all relevant transactions where the effective date is between 15 July 2020 and 31 March 2021. (Source)
The 0% LBTT rate for properties up to £250,000 is expected to give an extra boost to and motivation to buyers and sellers contemplating a move in the next few months.
Keeping clients and staff safe
While we deal with the record number of enquiries and – we are more than delighted to help each and every client achieve their property goals, our team is also aware we must keep everyone as safe as possible during valuations and viewings.
While we continue to observe current rules and recommendations around social distancing, we thought you should know what to expect when we visit for a valuation or when organising a viewing.
Our team will have a preliminary conversation with you to organise the logistics of a face to face meeting. We are prepared with PPE and encourage all potential buyers to also wear masks and gloves when viewing a property.
We only spend the absolute necessary amount of time indoors, taking advantage of the Scottish summer to catch up outdoors as much as possible.
Should you have any specific concerns or requests, please don’t hesitate to let us know.