Property market boom set to last three to six months

Added on 07 August 2020

Now over a month since the property market reopened, a top property expert reflects on the fast paced first few weeks with viewing requests up 225% from last year.

Peter Ryder, Managing Director of Property Services at Thorntons, has witnessed a pent up demand for property which is currently pushing prices up and boosting the market on its road to recovery.

Peter said: “The average sale in all the areas that we cover is 4.8% above the home report valuation. In some areas we are seeing offers of more than 10% above home report value.

“Not only are properties selling for higher prices but they are also selling fast. We have sold properties within a week in Dundee, Broughty Ferry, Tayport, Gauldry, Monifieth, Carnoustie, Elie, St Andrews, Cupar and Montrose. This includes properties we have sold in just one day in Dundee, St Andrews and Cupar.

“We have already sold around a third of properties that we have listed since the property market reopened on Monday 29 June – and 24% of them were sold within seven days.  

“I expect this rate of sales will settle down when the initial rush is over and I expect house prices to stabilise within the next three to six months as other economic factors kick in.”

Previously, Peter predicted that virtual home viewings would become the new normal after lockdown has ended. This service has proven to be popular with Thorntons’ clients and as the market reopened, Thorntons implemented new health and safety protocols which have been welcomed.

Peter, said: “Virtual tours are proving popular with clients and are an ideal way to show properties quickly and safely, and ensure only genuine buyers visit the property. Our new health and safety procedures – including wearing masks,  keeping doors open and cleaning the property between each visit – has been well supported and has helped to put clients at ease.”

Ken Thomson, Partner and Head of Residential Property at Thorntons, added: “There has been a rush of properties to the market but this has been more than matched by the number of purchasers competing for many of these properties.

“In the period since the end of lockdown, estate agency and legal Conveyancing combined has engaged with 237 new clients, and conveyancing has in four weeks since 3rd July, opened 390 purchase files alone. The number of offers submitted over that same period will far exceed that figure as clients who are unsuccessful on one property will swiftly move to another.

“I think it’s fair to say that we had expected to be very busy, but that the numbers of buyers who are out there and able to proceed despite some of the economic predictions, has been far greater than might have been expected given some of the predictions on the economy made during lockdown.

 “The availability of Government-backed loan and shared equity schemes such as the LIFT and First Homes Fund schemes has also been a factor in younger first time buyers being able to get into the market, and often within a higher price bracket than might traditionally have been expected of that type of buyer. Demand among buyers has been strong across our locations for all home types and in all price brackets.

“The ‘rush’ has now lasted five weeks and from the buyer side, shows no sign of slowing.”

 

Peter Ryder

Managing Director

Thorntons Property

News Index

October 2024
14 Property Improvements
July 2024
29 Courteous Buyer1 Local staff, Local knowledge.
June 2024
3 A feeling of space.
May 2024
13 Location Location
April 2024
22 A Feeling of Space
March 2024
25 Buying on Instinct3 Thorntons raise £43,500 for Cash for Kids.
January 2024
6 2024 - The Year Ahead
November 2023
20 “This year - Don’t wait till Spring!”7 Making Moving Easier
October 2023
11 LEADING RESIDENTIAL PROPERTY EXPERT WELCOMES ‘HEALTHIER’ MARKETPLACE
September 2023
25 Selling Tips for Autumn
August 2023
28 Location Location
July 2023
17 Optimising Your Saleability
June 2023
12 Seven Days
May 2023
15 The Power of Information
April 2023
4 GOLFERS’ PARADISE
March 2023
6 Top tips for viewing properties like a pro
February 2023
20 £37,500 raised for charity
January 2023
17 Getting ready to buy a home in 2023. 9 Home
December 2022
16 Additional Dwellings Supplement
November 2022
21 2023 Property Market Predictions
September 2022
27 Quick Tips to Maximise your Sale”
August 2022
22 Charity Wills at Thorntons Solicitors8 A Question of Preference
July 2022
30 How Many Should We See4 Plans for a Successful Sale
June 2022
6 "The Kitchen is the Heart of the Home”
May 2022
23 Making Moving Easier9 Property Market Update
April 2022
11 Should we accept the offer
March 2022
7 Quick Tips to Maximise your Sale.
February 2022
17 Thorntons donate £46K to Cash for Kids.
January 2022
24 Valuation Versus Value6 Thorntons Estate Agents Continue to Progress
November 2021
10 First Impressions
October 2021
18 The importance of using a professional photographer
September 2021
13 Virtual Tours
August 2021
30 Why Compromise16 Dundee Property Prices2 Property Market Booming in Angus
July 2021
6 Maximise Sale Prospects
June 2021
11 Client Protection
May 2021
31 Tips for Property5 Improving your property for sale.
April 2021
5 Charity Wills Campaign
March 2021
22 The Friday Move. 11 Affordability
February 2021
15 Property expert believes sales are only restricted by the number of homes coming to market8 February Market Comment
January 2021
25 Moving before Retirement18 The Independent Choice8 January Market Report
December 2020
23 Starting the New Year with thousands of prospective buyers
November 2020
9 Property Improvements
October 2020
9 October Market Comment
September 2020
14 September Market Comment
August 2020
23 Property Market Update7 Property market boom set to last three to six months
June 2020
21 Market Comment
April 2020
27 Property Market Update8 Coronavirus (Scotland) Act 2020 - Impact on the private rented sector
February 2020
24 Leap Year10 February Market Comment3 Social Media Marketing
January 2020
27 Downsizing Dilemma8 A New Dawn6 Is A “For Sale” Board Really Necessary?”
December 2019
13 Election Result, What it means for property9 December Market Update
November 2019
18 November Market Comment4 “Timing Your Sale for the Market”
October 2019
21 Lighting Up14 October Market Comment
September 2019
23 September Market Comment9 Showing Buyers Your Property
August 2019
27 “What About The Children?” 12 Is it worth extending?
July 2019
29 Courteous Buyer15 Alarming News!1 Local staff, local knowledge
June 2019
3 “A Feeling of Space”
May 2019
6 Working with Builders
April 2019
27 “What Does Viewing Feedback Really Mean?”15 The Right People1 “Old Money’s Influence”
March 2019
4 Property Market Update
February 2019
21 Thorntons raise £62,000 for Cash for Kids16 Moving Distance5 A Grand Entrance
January 2019
28 “Home”5 2019 - The Year Ahead.
October 2018
3 “Should I, Shouldn’t I?”
September 2018
17 Other Forces11 Act Now for a Xmas Move. 3 Supporting the Fun-Fuelled Club
August 2018
31 Market Comment13 “Plans for a Successful Sale”2 Interest Rate Rise Aug 2018 - Market Comment
July 2018
24 “Ten Branches - Our Secret Weapon”
June 2018
17 “Why Use An Estate Agent At All?”2 The Skilled Agent
May 2018
14 “Waiting in Hope?”
April 2018
16 “Buying an Unmodernised Property”
March 2018
19 “Will the Internet Replace Estate Agents?”
February 2018
5 “Identity Caution When Moving House”
January 2018
22 “How Long Has It Been On The Market?”8 “Valuation Versus Value”
November 2017
13 “Defects And Disputes – Should I Disclose Them?”2 The first interest rate rise in a decade
October 2017
16 “Selling Tips for Autumn”1 “Might Sell, Might Not!”
September 2017
25 “Prepare to Paint”16 “Ask the Expert!”
July 2017
31 “Working from Home”24 “Something to Shout About”
June 2017
26 “Improvements – Are They Worth It?”21 “Location, Location”10 Agents’ Skills in Demand
May 2017
22 “Deciding on Price” (Part Two)10 “Deciding On Price” (Part One)
April 2017
24 “Advertising for Results” 11 “Put your back into it”1 “Who’s Choosing Your Home?”
March 2017
20 “Hit The Road”13 “Catch 22 –Should I Sell First or Buy?”6 “Working In Partnership with your Estate Agent”
February 2017
27 FEB REPORT - “Slow Growth with Strong Demand”20 “Why Overpricing May Leave You Out Of Pocket”13 “Cupid the Estate Agent?”7 “How Long Has It Been On The Market?”
January 2017
29 Market report – January 20178 “How Many Should We See?”
December 2016
17 “Should Your House Have Sold By Now?”5 “Removal Planning”
November 2016
27 “A Winter’s Sale?”21 “Distorted Opinions?”14 “The Advertising Myth”7 “A Move by Christmas?”
October 2016
31 “Finding the Right Property”17 “Relative Values”
September 2016
26 “It’s Not Just About Selling”19 A Proactive Approach Essential5 Avoid Virtual Tours
August 2016
29 How Serious is my Buyer?22 Clutter Costs !15 The Feelgood Factor8 The Agent you Prefer - at the Right Price
July 2016
25 Choosing Your Solicitor18 Should I Sell During the Summer Holidays?1 What does Brexit mean for the Scottish property market
June 2016
17 5 methods for improving your kerb appeal17 Tips for saving for a deposit
May 2016
30 Property perfect move for Natalie
January 2016
29 Thorntons Top after ESPC Mystery Shop
December 2015
22 Increased buyer demand will drive house prices up during 201620 Property solicitor gives local food bank a boost15 Second home levy will boost Dundee property market
November 2015
11 Unique opportunity to buy a stunning new home in an award-winning development in St Andrews
September 2015
16 Tayside property specialists lead the way in boom time

Our Home Mover Essentials