Property Market Update – October 2021
Competition for property for sale remained hot during October and Premier Properties were once again in pole position in terms of the number of sales agreed and new listings in the Perthshire area.
All the latest news from our team.
Competition for property for sale remained hot during October and Premier Properties were once again in pole position in terms of the number of sales agreed and new listings in the Perthshire area.
We are thrilled to have received the prestigious Five Star Award for “Best Estate Agency Single Office – Scotland” in the UK Property Awards 2021-22.
July was another busy month for the PPP team. We sold and listed more properties than any other agent covering the Perthshire area during July, as well as for the year to date. The market continued to move at pace, with properties taking an average of 7 days to sell and the number of sales going to closing dates increased to 38% (up 21% on June). 92% of properties sold at asking price or above and we negotiated an average additional profit per client of £18,319.
Buyer demand is still running well ahead of more “normal” market conditions back in 2019. The number of properties we sold in June 2021 was up 114% on June 2019. With demand strong and pricing high, now is a great time for homeowners to capitalise on these favourable market conditions, especially during these peak summer months when properties look their best and while many buyers will be looking to secure a move in time for the new school term in August. New landlords entering the market with quality properties will also benefit strong tenant demand.
The housing market in May continued to move at pace with sustained buyer demand and constrained supply putting sellers in pole position. The imbalance between demand and supply is also evident in the local rental market with increased tenant demand across the board.
April was a record breaking month for PPP! Not only did we sell the most properties EVER in one month (making us the top selling agent in Perthshire for the year to date*), we also sold our highest value property EVER.
The spring selling season is blooming with activity. Many sales are going to closing dates due to interest from multiple buyers which is having a positive effect on prices and resulting in some properties going under offer in a matter of days.
Scotland’s move to Tier Four restrictions on Boxing Day should not impact on house moves, under the current government guidelines. Assuming no further changes are announced, moves can continue to take place in the tier 4 protection level, provided they can be carried out safely. The Land and Buildings Transaction Tax holiday, coupled with the change in lifestyle caused by the coronavirus outbreak, is encouraging people who may have been thinking of selling to take the plunge and get their properties to the market while there remains buyer interest and demand.
As we enter the festive period, we take a moment to reflect on what has been an extraordinary year.
We are delighted that the experience and professionalism of our lettings team have been recognised at a national level. Having scooped the Gold Award for Perth and Kinross earlier in the year, the team beat stiff competition from lettings agencies across the country to be named the Gold winner for Scotland in the British Property Awards 2019-2020.
We’re delighted that restrictions on house moves in Scotland will be relaxed from 29th June and buyers, sellers and renters can once again progress their moving plans.
We are awaiting specific guidelines from the Scottish Government, but we hope to be able to resume physical viewings, fully launch new properties to the market and help people to carry out their moving plans (whilst following government guidance to protect our staff and the public) from 29th June.
Owning a home is a keystone of wealth… both financial affluence and emotional security.
