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

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