Sharp rise in number of properties advertised for sale – Property Industry Eye

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The number of properties advertised for sale in Scotland has increased by up to 85% in parts of Scotland according to fresh data from DJ Alexander.

The estate agency, part of the Lomond Group, found that the number of properties advertised for sale has risen by 85% in Perth in the period between April 2022 and April 2023; up 65% in Inverness; 55% higher in Dundee; 54% greater in Edinburgh; 51% up in Glasgow; and 8% down in Aberdeen.

The greatest hike in the number of properties for sale was among detached and semi-detached homes. In Glasgow detached and semi-detached home volumes were 210% and 73% higher respectively; in Edinburgh they were up 197% and 122%; and 111% and 96% greater in Dundee.

In the shorter term all of Scotland’s major cities saw the volume of advertised properties increase over the last month between March and April of this year.

David Alexander, chief executive of DJ Alexander Ltd, commented: “What is fascinating is that despite many gloomy predictions about price collapses and the likelihood of reduced volumes the property market is remaining stubbornly upbeat. The traditional Spring boost to sales is occurring regardless of interest rate rises and cost-of-living issues and it seems that sellers and buyers are still flocking to the market in remarkable numbers.”

“Obviously there has been a reduction in average prices but, as I have said before, this was following a period of record rises and would be expected regardless of the direction of travel for mortgage rates.”

He continued: “Of course higher sales volumes could be a sign of people escaping the market before their homes become unaffordable but, in my experience, we are seeing properties sell really quite rapidly and for good prices, so I think there remains a reasonable bounce in the sector.”

“I do believe that we will continue to see average prices fall overall but the liveliness of the detached and semi-detached market is a further indicator that there remains good money for quality homes and areas.”

Alexander added: “I think it unlikely that the Bank of England will continue to raise interest rates so there is every prospect with falling inflation, an easing of utility costs, and continued good news on employment levels that the housing market may get an unexpected boost as we go through the year.

“I think this will produce a slowing of the fall in average house prices, and greater support for the market at a time when it was forecast to dip quite substantially. The panic of last Autumn has been replaced by a calmer, more reasoned approach to buying and selling and long may this continue.”

Number of properties advertised for sale

Location                            April 2022                                       April 2023                         Difference

Perth                                 89                                                     165                                    +85%

Inverness                          136                                                   225                                    +65%

Dundee                             150                                                   232                                    +55%

Edinburgh                        1136                                                 1744                                  +54%

Glasgow                            1342                                                 2025                                  +51%

Aberdeen                         2586                                                 2382                                  -8%