October 2009 Comment
Getting behind the media headlines is the key at the moment. Talk of a “surge in luxury home sales” is without doubt encouraging and a lack of supply of the right types of property means that those coming to the market are, of course, proving attractive. Cash buyers, often from outside the UK, are capitalising on exchange rates to make top-end purchases.
Nevertheless, the volume of properties traded in the Edinburgh area market is still significantly down on what would be considered “normal” and the market is some way off recovery to these levels.
Those looking to purchase may find sourcing the right property challenging despite the relatively high level of homes on the market. That said, good properties, sensibly priced can be found throughout the region and with the market at or at least reasonably close to the bottom the remainder of this year and into 2010 will provide an excellent opportunity to purchase.
August data suggest a return to some stability in the market with average house prices in Edinburgh showing an increase of 2.2%, the first year on year growth for 12 months. Slowly improving mortgage lending is also contributing to increased stability although an improving economic climate remains more elusive.
For those seeking a family home or investment property (or perhaps a holiday / golf retreat in advance of the 2013 Open Championship at Muirfield) now is certainly a good time to begin the search…
