What will 2018 bring?
What a year 2017 has been! Back in 2016 we had Brexit, a new prime minister and Donald Trump’s election, so when it came to expecting the unexpected, 2017 had a lot to live up to. But then there was an unanticipated snap general election, the unexpected result, and a weakened government with a resilient Theresa May at the helm. Surely 2018 is going to be a lot less eventful.
Political and economic uncertainty have contributed to what has also been a rather difficult year for the housing market nationally, underpinned by a lack of stock, leaving many agents struggling to find homes to sell, while property prices have stayed broadly static, although there has been a divergence between house prices in different parts of the UK.
However, buyers appear to be eagerly starting their New Year property search, with early traffic data indicating a busy start to 2018, with Rightmove visits up by an average of over 9% so far in January compared to same period last year, averaging over 4 million visits per day. Obviously, that is nationwide but given 95% of peoples’ property search starts online, this is a good indication that there are increasing numbers of buyers in the marketplace.
Additionally, according to the House Prices Index (HPI) in Scotland, the picture is positive; The average house price increased by 4.4% from 2016 to 2017, with an average time to sell of 55 days which is below the national average of 67 days. An encouraging statistic showing property prices are creeping up and selling more quickly in Scotland than the national average.
Despite all the doom and gloom on the news, at West we have noticed a marked upturn in the number of serious buyers in the market. Add to that an emerging market of landlords looking to expand their portfolios and active first-time buyers, 2018 looks to be a busy year for us.
With a number of properties under offer already and qualified buyers on our waiting list, we would really like to speak to you! We have a fantastic offer for anyone looking to sell early this year.
Interested? Give our lovely Sales Team a call on 01631 569 466.