People considering selling their homes should put them on the market now to benefit from a market ‘sweet spot’, leading property experts have said.
Most estate agents have reported a rise in house prices across the UK for the first time in 18 months, according to the latest Residential Market Survey published by the Royal Institute of Chartered Surveyors (RICS).
Official figures show that, in the 12 months to April last year, the number of homes being started and completed across the UK rose to their highest levels for 11 years.
The number of market appraisals undertaken by surveyors in January was higher than a year ago, marking the first positive reading since the survey was introduced in 2017; a net balance of +20% of respondents nationally reported an increase.
Graeme Lusk, of Glasgow-based surveyors Walker Fraser Steele, said there has never been a better time to put a property on the market, adding: “There is still an under supply of quality properties on the market and buyers waiting.”
Now is also an ideal time to buy, before a long-term lack of supply combined with strong buyer interest and historically low borrowing costs drives-up prices beyond the reach of first-time buyers.
Gregor Cope, Director of Scottish property Centre Shawlands, said: “First time buyers are particularly well served in the current market, following the introduction of the First Home Fund, which provides eligible buyers with an interest-free loan of up to £25,000, and the raising of the Land and Buildings Transaction Tax (LBTT) threshold to £175,000.
“The market is currently showing a ‘sweet spot’ for first time buyers, but that won’t continue indefinitely.
“There is a long-term undersupply of available properties, particularly in Glasgow, and unless more new homes are built, that could soon start to drive up costs, pricing many first-time buyers out of the market.”
The RICS survey showed 17% more surveyors reported a rise in property prices versus those reporting a fall, the first time that the net balance has been positive since July 2018.
Buyer enquiries, new instructions by homeowners and the number of agreed sales all rose during January. Nationally, the number of homes listed for sale increased in January according to RICS, which represents surveyors and estate agents.
Those reporting an increase in sales outnumbered those seeing a fall by 19%, almost double the 11% per cent seen in the previous survey.
January also saw a rise in the number of prospective buyers with new enquiries rising to a net balance of 23% from 19% in December. In addition, agreed sales rose for a second month in a row and by a net balance of 21%.
To discuss putting your home on the market or to view properties for sale in your preferred area call your local Scottish Property Centre branch or visit www.scottishpropertycentre.net