Now is the time to secure a property bargain

Published on Monday 17 November 2008 09:17

OVER the past few months, I've been amazed at how many times I've met people in Edinburgh who think the property market has ground to a complete halt.

While last year, most people were happy to compare how much their properties had gone up in value, now they discuss how house prices have fallen and the difficulty in securing a sale.

Despite the naysayers, the truth is there are plenty of people who are still happily buying and selling homes in Edinburgh – many of whom have not found it overwhelmingly difficult to drive through a purchase, as long as they have realistic expectations over the value of the property.

Those realistic sellers have been able not only to find a buyer for their property but also secure new homes further up the property chain.

In the last six weeks, we have carried out a total of 66 estate agency sales at Warners, with the total value averaging around 2 million per week.

And even though the figure is down by around 50 per cent on the sales we had last year, it still shows there is activity in the market.

Recent figures from the ESPC have shown that it is easier than ever to secure a home at a bargain price – with 75 per cent of properties currently going for below their advertised fixed price – and, as there is less competition in the market, buyers are realising that it's easier than ever before to get their first-choice home.

With Bank of England's decision to dramatically slash interest rates – and providing that the new rate is passed on to customers by the major banks – we're expecting more first-time buyers to start considering taking their first step on the property ladder, which will swell the number of sales even more.

If you miss the boat and prices start to rise again you won't be able to buy the home you want or to get on the ladder. It's only when it's too late that people start to realise that there is still a lot of life left in our property market.

Scott Brown is estate agency partner with Warners, a member of the ELPG group of property solicitors.