For those looking to buy or sell it’s been a confusing time. Was the market open in lockdown? Yes. Is it worth selling or buying now? Yes. Lomond are seeing record demand, despite many mixed messages in the national press.
In Ayrshire and elsewhere pent-up pandemic demand is now dominant. It’s no April Fool’s joke to say that on April 1st our Irvine office alone booked in 73 viewings. In Q1, across all offices, we sold 73 properties. It’s not unusual to witness over 15 buyers for every property listed. And this isn’t just pure demand, but also down to the quality homes we are selling. Just recently, the temperature of the market was reflected in this Scottish Business Insider article.
This is all very different to what the media were saying just a matter of weeks ago.
In early March the BBC were using the word “slump” to drive readers to a story that was really about a slowdown in demand. A slow-down midwinter during the first global pandemic in over 100 years? Amazing! Perhaps a cynical clickbait attempt by the Beeb to get readers, or maybe one of their older online editors had a case of “Long Spanish” and was still getting over his Flu from 1920.
But the BBC’s story wasn’t just reflecting a quieter market, it reflected the short supply of quality properties, hence our encouragement to list now. Lomond are finding that whilst many people are still looking to move, the houses they want to buy are in short supply: so prices have been rising. Confused? You should be... we were in a slump according to the BBC, but prices are going up. At the very least someone needs to buy a dictionary at Pacific Quay and thumb their way to “S”. “Slovenly” is also in that section. In short, from Lomond’s perspective, the demand is there, we and the market are open for business, and now is a good time to be looking to sell. And if you want to buy, be quick.
In fairness to the BBC, reporting elsewhere was shoddy. We saw one article where the buoyancy of the market was judged by the number of listings. Completely misleading, as if you have 35 hovels for sale, they are unlikely to move, whilst the agent along the road has a carousel of listings that are appearing, selling, and new properties come along and take their places. But don’t take our word for it; at the end of February Rightmove had its busiest ever day. Of all time. And this Which article cuts through some of the confusion.
Both the Bank of Scotland and PropertyEye highlight where the Scottish market is, and Ayrshire is reflected very favourably.
As we all come out of lockdown and head to the summer, contact Lomond to discuss selling and buying. And if you want to make use of the market sales prices but are unsure about where you want to move to, Lomond can help with lettings in the interim.
For Sales: Joe Gilligan lives in Troon and is well placed to provide the best advice to sellers and buyers all over Ayrshire. To discuss a property purchase or sale with Lomond Property, please contact Joe via our Prestwick Office on 01292 471151.
For Lettings: To discuss lettings with Lomond Property, please contact Stephen Spence via our Prestwick Office on 01292 471151.
Note: statistics, percentages and references are correct at the time of writing.