Home owners cash in on winter sales

Published on Sunday 18 December 2011 01:01

AN UNEXPECTED winter sales rush is helping Scotland’s property market weather the stormy economic conditions.

Traditionally the end-of-year period is marked by a slowdown in house sales, however property firms are reporting that while temperatures have plummeted, sales have soared in recent weeks.

The emergence of more realistic house prices, and uncertainty over future economic conditions, has given the property market a seasonal boost.

Jamie Macnab, a director at estate agents Savills, claimed the Edinburgh market in particular, was proving remarkably resilient. He said: “September and October were completely quiet and we were getting quite concerned. However, the number of sales in November and December has been amazing. It has been particularly encouraging because traditionally things slow right down for us in winter.”

Macnab said the economic downturn had brought significant changes to the way we buy and sell our homes, adding: “The days of getting five or six people after the same house and getting a premium of 20%, 30% or even 40% are long gone. What happens typically now is that you get one potential buyer who negotiates with you.”

Patrick Paton of Knight Frank said their sales were also surprisingly strong. He said: “We have had an extremely good year. We have sold more property this year then we have for any year since 2007.

A spokesman for Warners Solicitors & Estate Agents said recent weeks had seen a brisk trade in larger family homes. Research reveals that two in five sellers have slashed their asking price to attract buyers. Property website Zoopla.co.uk claimed the average reduction is £18,600. Glasgow emerged as the second most prevalent place in the UK for house price cutting, with vendors in Scotland’s largest city cutting their asking price by an average of 8.2% from putting a property on the market, to selling it.

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Saturday, December 31, 2011 at 06:58 AM

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