Data challenged

ESPC disputes RICS report on property market

For sale, sold, homes, housing, property

Agents report a busy market (pic: Terry Murden)

Housing agents in Scotland have disputed claims that interest from property buyers has fallen.

The Royal Institute of Chartered Surveyors (RICS) earlier this week reported a slump in the market north of the border during February.

It claimed the number of properties on sale was down for the fourth consecutive month. It added that Scotland had the weakest figures for new buyer inquiries of any nation or region in the UK.

However, ESPC agents across the southern half of Scotland are reporting the opposite, with significant buyer demand and enquiries for homes.

They say this is resulting in a competitive market, with rising selling prices, faster selling times and higher percentages of Home Report valuation achieved.

In its February House Price Report last week, which covers the period from December 2020 to February 2021, ESPC reported that the average selling price in Edinburgh, the Lothians, Fife and the Borders was up by 6.2% compared to the previous year, while the median property selling time was just 20 days, six days faster than last year. 

It also revealed that the volume of property sales rose 42.2% year-on-year, reflecting how busy the market has been in recent months.

During February, the number of viewing requests on espc.com was up 88.3% year-on-year.

It believes the launch of the new mortgage guarantee scheme and reopening of the First Home Fund in April means buyer demand may ramp up even more at that stage.

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