IT’S HEATING UP IN KINROSS-SHIRE!

IT’S HEATING UP IN KINROSS-SHIRE!

Sadly the title is not a reference to the weather, but to the light shining on the property market in Kinross-shire this summer with the Registers of Scotland reporting a growth of 1.5% in sale prices in Perth & Kinross compared to this time in 2023. This is hugely encouraging, especially as our neighbours in Fife have a reported decrease of -0.7%.

With 12 Closing Dates at Andersons LLP in 2024 already, it is clear that the predominant interest in the market at the moment, is in the low to mid range level of £150,000 – £205,000. This is validated by the UK House Price Index showing the highest growth is in Semi Detached properties and flats. Almost all of the properties that have sold through a closing date at Andersons this year, have been substantially over the Home Report valuation, which could account for the rise in Kinross-shire’s growth.

With greater stability, lowering of interest rates and an easing of inflation, market conditions have improved, with an annual increase of 9.6% of new mortgages advanced to first time buyers. This could well be the reasoning behind the increase in demand, as unlike the higher priced properties, which are almost always dependent upon a chain from prospective interested buyers, the mid to lower range market can move faster and chain free.

Sellers and buyers do now seem to understand that offers subject to sale, are pretty worthless unless the chain is complete and which has probably accounted for the increase in selling time for such properties. According to ESPC, the median selling time between April and June 2024 was 23 days, which is 4 days longer than the same period in 2023.

Another significant rise in the local market is at the higher £500,000+ price range, with growing fuel bills and running costs having a significant impact on everyone, with buyers looking in this price range opting for energy efficient New Builds, as opposed to an older property. This is resulting in a larger than normal availability of higher priced properties, with a much longer sale time.

Are you thinking of selling? Our experienced Property Team can help you get the best possible price in the quickest time.

Thinking of Buying or Need Legal Advice? Andersons LLP have two in-house Solicitors, to help guide you step by step through the legal processes. 

Contact us now on 01577 862405 or email property@andersons-kinross.co.uk 

 

Info Link – https://www.gov.scot/publications/scottish-housing-market-review-q2-2024/pages/2/