More and more people are taking advantage of current market conditions and buying a new home. The combination of low interest rates, increases in lending and small deposit mortgages has all played a role in creating the perfect scenario for both buyers and sellers. Arguably, the market has never been better for sellers considering putting their home onto the market.
As we previously reported, we are seeing a strong demand for properties across the board, with properties selling thick and fast. Take Stirling as an example – we’ve recently experienced a 28% increase in sales of properties below £400,000, as well as reported 9% rise across all price brackets. And we achieved an average sale price of £203,000 – substantially higher than the regional average. Read more here.
And data recently released further reveals the true growth in buyer demand and the continually favourable conditions for sellers.
What do the figures say?
Banks are lending more than they have done for a long time – 8 years, in fact. 2016 saw the most consumers take advantage of record low interest rates, and were accepted by mortgage lenders. In total, £246 million was borrowed last year, which is a 12% increase on 2015; it also represents the highest level of lending since the financial crash of ’08 – according to the Council of Mortgage Lenders. (source)
A lot of the buyers in 2016 were first time buyers, as our previous post on this topic revealed. To recap, research carried out by the Halifax revealed that in 2016 the highest number of first-time buyers took their first step onto the property market since 2007.
It’s estimated by the bank that there were 335,750 first-time buyers last year; the closest we’ve come to the all-time high of 402,800 back in pre-recession 2006. More impressive too is the revelation by Halifax that the average deposit has more than doubled since 2007, now sitting at £32,000.
The figures translate into a 7.3% rise last year, and a massive 75% rise over the low first-time purchases made back in 2008 (192,300).
Who else can sellers hope to attract?
At Clyde Property, we are seeing continued strong demand across the entire spectrum of buyer demographics.
Investors are continuing to show strong interest in buy to lets, despite the impending tax changes; this is largely due to the high returns a lot of areas in Scotland have to offer. And if that still hasn’t assured you as a seller, home owners determined to trade up and take advantage of the great mortgage deals currently on offer are also on the lookout for their next step up the property ladder. And last but not least, first time buyers are now at an all time high and we are seeing this current amongst our current tenants who are moving onto the property ladders to become home owners.
Our current client database is filled with people looking for their next dream home, which could contain a match with your home, ensuring a speedy sale.
What about 2017?
Property market growth looks set to continue rising in 2017. This is mainly due to mortgage approvals for house purchases and remortgaging both rising in December of last year, according to the British Bankers’ Association.
Why sell with Clyde Property?
With an experienced, dedicated negotiator working with you from the start, selling a property with Clyde is unlike selling with anyone else. Our professional team work together to ensure that your home is valued accurately, marketed beautifully and sold to the right owner for the best price.
We know that homes aren’t bought and sold during the hours of 9 and 5. Experience tells us that in order to make the right decisions, you need access to the best expert advice and knowledge at a time to suit you. That’s why each of our 11 branches across Scotland are open 7 days a week, from 8.30am until 8pm. And why all of our team members are local specialists, passionate about helping you through your property journey; equipped with years of professional experience.
For 30 years, Clyde Property has helped people across Scotland sell and buy homes. We constantly strive to be the best and know the differences that make your life easier; like longer opening hours, access to information 24 hours a day, accompanied viewings and bespoke advice. We are proud to deliver the best estate agency service in Scotland and we would love to be part of your home moving story. Contact us for a chat with a local property expert near you.
Clyde Property is a leading independent, multiple award winning estate and letting agent with 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.