(PRWEB UK) 5 May 2013
After five long years, there are growing signs that the Scottish property market is surging back to its busy best.
Inquiries are up, sales are up and one of the country’s leading banks says nine first time buyers out of 10 are getting a mortgage.
And if you ever needed proof that we could be heading back to the good old days, some desperate house buyers have returned to offering way over the asking price.
“We are seeing five years of pent-up demand for property beginning to flow now.
“The Government has made it easier for people to borrow for a mortgage and buyers are confident that interest rates may not rise for another five years.
“Property across the market is reasonably priced so we are seeing some transactions going through in a matter of weeks, rather than months.”
Certainly, the most recent figures from the Registers of Scotland indicate a significant increase in the number of homes changing hands.
Prices, too, are on the increase. The Glasgow suburb of East Renfrewshire recorded a 4.3 annual per cent rise in house prices between January and March 2013, taking the average price in the area to £212,129.
The district which offers good schools and is within easy commuting distance of Glasgow saw a surge in sales in the first few months of the year, with many buyers offering “way over” the asking price.
In Glasgow city itself, 96 more houses were sold in the first quarter of the year than the same period in 2012.
Edinburgh enjoyed the reputation for the largest property market in Scotland, with sales of £335 million during the period.
Midlothian recorded the highest percentage increase of any council area, with nine per cent being added to the average house price, taking it from £168,552 to £183,751.
Conversely, Inverclyde saw the biggest percentage price fall of any area, its 15.1% drop taking the average house price to £102,207.
In total, the Registers of Scotland statistics revealed that 14,567 homes were sold across Scotland between January and March, compared to 13,867 in the same period a year before.
The Halifax was moved to take out TV adverts after a raft of mortgage approvals to first time buyers was detected between October last year and January 2013.
The bank claims that nine out of 10 first time buyers who applied for a mortgage were given the green light to buy.
Added Barry Chuwen of Move Quick:”The market depends on new people climbing onto the property ladder for the first time.
“We think that many potential sellers who have held back in the past are now opting to move.
“We have been exceptionally busy since the start of the year and are confident that’s a trend that will continue.”
Move Quick is a dynamic property company, providing bespoke house selling solutions throughout Scotland.