As we enter June 2021, it will have been 15 months since restrictions on travel, meeting with family and traditional social interactions were implemented to help limit the spread of the COVID-19 virus. It has been a complicated and uncertain time for many people, but within the property market there has been a frenzied demand from buyers to move home.
Properties are regularly being sold at a closing date and well above home report value, primarily due to exceptional interest from interested buyers. We expect there are numerous reasons for this, but without a doubt, it’s certainly a “seller’s market” at present.
New House Feeling
Many people we’ve assisted have commented they’re selling their home because it was always their intention to move around this time, however others are selling for a different reason. After 15 months predominantly spent at home due to the pandemic, sellers have completed all their projects and improved their home to ensure they receive the maximum value when it’s placed on the market. Being at home more regularly has encouraged some property owners to list their home and move, following the old adage “a change is as good as a holiday”.
It’s been our pleasure to help people with their property objectives and we anticipate the demand to move home isn’t over yet.
Mortgage Availability & Help For First Time Buyers
Another reason for the increased demand to buy and sell homes relates to the availability of finance in the property market. Mortgages at the start of the pandemic were more complicated to obtain; most lenders required home owners to have a 15% deposit and would only provide 85% mortgages. Some lenders even withdrew some of their mortgage products due to the uncertainty surrounding the virus.
However, in 2021 the availability of finance and Government schemes in Scotland like the First Home Fund and LIFT has meant that more buyers are in the market searching for homes. Banks and financial institutions are now offering 95% mortgages and there remain Government backed schemes to help buyers where necessary. Consequently, the number of potential buyers has grown exponentially and often we’re receiving over 25 interested viewers per property and multiple offers at closing dates, almost always above the home report value.
For these reasons and with low numbers of available properties across all market sectors, it’s the perfect time to sell your home, but selecting the right estate agent is also important. Ensuring your estate agent offers high quality photography, markets your home on all the major property sites, advertises your home on social media and has an excellent customer service rating, are important too. Without the right estate agent, properties can go unnoticed and potential sellers can move onto other properties.
Properties To Rent
The rental market remains buoyant and new landlords are regularly in contact and joining us for our let only and fully managed services.
Similar to the estate agency market, we’re experiencing a high demand from tenants to move into their first or new home. Properties are being viewed by multiple people and there’s strong competition to secure most rental properties.
To help with the process, we ask potential tenants to join My Rental CV and send their documentation to us when they’re looking for a property to let. Once we have the My Rental CV we’re conducting viewings and the landlord will make the final decision on which tenant to accept.
Due to the high demand in the rental market we have availability to help more landlords and assist them to find a suitable tenant.
Can We Help You?
If we can support you in selling or renting your property, please don’t hesitate to get in touch. We would be delighted to explain our full range of services and how we can assist you.
Sales Manager: Samantha Aitken
Lettings Manager: Kevin McLaughlin