13 Jun 2013

Record Volume of Asset Management Sales

Record Volume of Asset Management Sales

Senior Asset Manager, Alan Cumming, provides an update on the property market North of the Border.

Senior Asset Manager, Alan Cumming, provides an update on the property market North of the Border.

May has been a very strong month for our Asset Management Team with the level of new offers agreed exceeding our previous record in March this year by 15%. Interestingly one third of properties achieved a sale at a Closing Date and the average sale price against Home Report for the month was 99.5% - this compares to 97% for 2012 as a whole.

Generally all properties are selling well which reflects our aged stock position with less than 3% of our total stock exceeding 6 months on the market. 

There are of course regions of  Scotland  and particular "problem" properties that remain difficult to sell  in and sell.  As always,  pricing in relation to the Home Report remains a key factor and it is crucial that sellers, selling agents and surveyors keep the lines of communication open in order to ensure we are achieving the best possible price.

The market continues to show signs of steady growth in relation to both volume of sales and price achieved against home report valuation.   

Registers of Scotland's  sales statistics, published in April, showed  a 5% uplift in the volume of sales for the first quarter of this year compared to the same period in 2012. The largest increase was in Midlothian at 60%,  followed by Fife and Renfrewshire both experiencing an increase of 16%.

Despite increased levels of offer activity and the promising market conditions it appears that the Home Report is still a major factor of consideration as to what potential purchasers are prepared to pay for a property and the usual “hotspots” continue to cause problems.   

Although the Scottish Borders experienced a 19% increase on the volume of sales for the first quarter of 2013, it was at the expense of a 10% drop in average sale price.  Sales activity in the Highlands & Islands and Scottish Borders remains seasonal and a strong early sale is very much dependant on the condition and location of each individual property.

The general feeling amongst our panel of agents and surveyors is that things are getting better however there is still a reluctance to get too excited, particularly as we approach the summer months where a seasonal downturn is expected.

Alan Cumming, Asset Manager

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