Our property teams have seen sales of almost £180m-worth of properties for the year ending 31 March 2021.
The post-lockdown house-move boom has seen our estate agency teams defy disruption to record a rise in the number of homes sold in the past 12 months. Sales rose by 4.26% in the last financial year, with homes valued at a total of £177.3m changing hands through the team.
That is despite the house moving industry being close to dormant for almost three months at the peak of the pandemic through restrictions to slow the spread of the virus. But the market bounced back in unprecedented style - with £100m-worth of sales recorded between August and November alone.
Maurice Allan, Managing Director of Residential Property at Lindsays, said: “There’s no doubt that many people used the first lockdown as an opportunity to think about where they wanted to live - and were quick to react when restrictions eased in the summer.
“In 20 years in the property industry I have never experienced such intense interest as when we worked our way through that bottleneck. Had anyone told us this time last year that we would be recording an increase in sales when compared to 2019-20 I would have struggled to believe them. But that only goes to show the strength of Scotland’s housing market currently.
“Strong buyer demand, coupled with a slight shortage of available property, has created a really competitive market throughout the past year. To be able to record a rise in sales in a year that included three months of what was a near shutdown of the industry is quite remarkable. We’re incredibly proud of what the team has been able to achieve for our clients.”
6.2% more property valuations were carried out in the 2020-21 financial year, compared to the previous 12 months. Demand is particularly high for homes with gardens or other outdoor spaces, with buyers also looking for properties that allow for dedicated home working space.
In Edinburgh, the firm reported a near nine per cent rise in sales on the year, with values achieved totalling £102.5m.
The remaining near £75m of other homes sold were in Tayside - with the numbers sold level on the year, highlighting the steady nature of the regional market.
Chris Todd, Partner in our Dundee property team, says demand for homes in this region is outstripping supply - with more people looking to move to the edge of the city. He believes support for first-time buyers is also playing an important part in fuelling the local market as people firm up plans for post-pandemic life.
Chris commented: “Many decent-sized family homes are going for a substantial premium over the home report valuation. Maybe that reflects the new working from home pattern that many people are now doing as homes with more rooms - perhaps for an office - and a garden are seen as essential. We are also seeing homes in more rural areas around the city selling well. Again, that is perhaps a reflection of people looking to get out of the town and live more rurally as they may not have to commute as much and can get more for their money in general.”
He predicts that interest will remain keen across Tayside throughout the spring and summer as people see in reality what impact the further easing of Covid-19 restrictions and new working arrangements have on their lives.
Chris added: “The market has been both buoyant and resilient since it effectively reopened at the end of June. Schemes such as the Government’s First Home Fund and Help to Buy ISAs are getting the first-time buyer market moving which, in turn, fires up the rest of the market. As before the pandemic, we are still seeing many offers subject to sale which has been a fairly new trend over the last year or two.”
Maurice Allan concluded: “Demand remains robust and the market for houses in particular is buoyant.
“The financial consequences of Covid-19 are unlike anything we have seen before in the fact that lenders are still making money available to borrowers - and that the Government is encouraging them to - despite the wider challenges in the economy, something we have not experienced in previous periods of uncertainty. That continues to be good for the property market.”
Lindsays staff conducting viewings do so within Scottish Government rules over social distancing and hygiene requirements. Guidance documents are shared with viewers and sellers. Before an in-person viewing can take place, all prospective purchasers first take part in a virtual viewing of a property, generally via a video tour.