North East sees 74% rise in home sales after lockdown, Savills reports
Property giant Savills has seen reported a 74% year on year increase in home sales across the North East of Scotland in a colossal post-lockdown market bounce.
Savills said that the increase between July- October 2019 and the same period this year mirrors what is happening across Scotland as a whole.
The property firm has seen multiple bids and ‘offers over premiums’, with homes in the North East attracting buyers from other parts of Scotland and beyond.
The number of people registering with Savills to buy property across the North East also rose by 74%, while the number of viewings has also soared by 139%.
Savills’ Spotlight on the North East covers Aberdeen city and shire, Moray, Angus and Dundee, The Courier reports.
The number of agreed sales in Moray was 58% higher between July and October 2020, compared to the same period last year. At the same time. Angus saw a 40% rise and sales in Dundee also increased by 69%.
Faisal Choudhry, head of Scotland, residential research, Savills, said: “The market here is being driven by pent-up demand that was present even before the lockdown in March and has since been amplified by changing buyer needs, with a renewed appetite for space and a growing number of people now able to work from more remote locations.
“Realistic asking prices have translated into multiple bids and offers over premiums, attracting buyers from other parts of Scotland and beyond.
“Strong levels of supply in some areas mean we are unlikely to see any meaningful growth in values in the medium term, although there may be uplifts in particularly desirable hotspots across the region.
“Pragmatism among sellers when it comes to pricing will be essential to ensure a continuation of recent market trends and indeed potential economic challenges for buyers will necessitate this.”
He added: “The surge in sales has relied on domestic buyers due to travel restrictions.
“However, a sharp increase in the number of people viewing northeast properties on the Savills’ website suggests there is pent-up demand from international buyers waiting in the wings for restrictions to be lifted.”
A prolonged period of ultra-low interest rates is expected to support pricing over the medium term.
Ruaraidh Ogilvie of Savills Brechin, commented: “Dundee has been among Scotland’s leading areas in terms of the increase in agreed sales with an uplift of 69% since the reopening of the residential sector post lockdown.
“The local market is being led by the hotspot of Broughty Ferry, established residential neighbourhoods around the city centre and new build developments in peripheral areas.
“The country lifestyle on offer in Angus alongside relative value for money is attracting buyers, not only from the recovering Aberdeen area, but also other parts of Scotland.”