After Lock-down Property Market Review 2020

Buyers are racing to move to the Scottish Borders

Borders Houses are selling fast now that lockdown is easing. They are even bucking the National trend, which is of sales taking longer than usual.

Here at Hastings Legal we have found that quick sales are increasingly normal since the market reopened at the end of June. Savvy sellers, noticing this, are getting their skates on to take advantage of pent up demand. We are seeing desirable properties attracting multiple offers and going to closing date which is leading to sales significantly above the home report valuation.

All this is against a background of the Brexit debate and a fresh wave of uncertainty hitting in 2020 due to the COVID-19, industry-wide lockdown.

Research has revealed that, so far this year, the National Average time it takes to sell a property has increased by an average time of 144 days or nearly five months, from listing to completing. In London, this average time to sell climbs to 158 days or 5.3 months. Because of the uncertainty and delay inherent in the English system buyers who are selling in England and wanting to take advantage of a move to Scotland need to get their own sale progressed before they offer. Cash Buyers have an advantage in this respect as our sellers are looking for buyers who are able to commit.

Elsewhere in Scotland the downturn in the Aberdeen area and a falling market, which is due in part to the oil price collapse, has lead to a reversal in fortunes. Aberdeenshire (269 days) Moray (261 days) and Highland (243 days ) are currently amongst the slowest sellers in the country.

The property market is booming in Edinburgh

Edinburgh on the other hand remains a hot spot for selling property and the best place in the UK for a quick sale. The average transaction in Edinburgh takes just 78 days or 2.6 months in 2020 from going On Market to Completion. No wonder Edinburgh sellers look to buy first and sell later! With such enthusiasm in the Edinburgh market Hastings Legal have a marketing advantage as we promote all of our properties with the ⇒Edinburgh Solicitors Property Centre (ESPC) to tap in to the buzz. So far this marketing strategy is paying dividends for our sellers as many properties are marked Under Offer within a few days of going On Market, often selling for more than the Home Report Value.