Property market sentiment unveiled

New research from leading Edinburgh-based property marketing company ESPC has unveiled the true sentiment to buying and selling property in relation to increases in the cost of living and changes to mortgage rates.

Two in five buyers affected by cost of living

The recent survey with 500 homebuyers in Edinburgh, the Lothians, Fife and the Borders, recorded that roughly two in five buyers had been affected by increases in living costs and/or mortgage rates, with younger buyers, first-time buyers and those from lower income households being the most affected.

22% of buyers delayed their plans to sell, whilst 8% of respondents felt they could no longer afford to buy.

Home ownership dream doesn’t have to end

These results come at a time when more stock is available on the market, with a 56% year-on-year increase in the number of properties available.

After the vibrancy of the property market in the last few years, this is actually a great time for many buyers to be securing their next home and, with careful consideration for personal requirements, the home ownership dream really doesn’t have to end.

ESPC data shows that properties are staying on the market slightly longer (with a median time to under offer of 24 days) and selling prices are stabilising, with the average selling price of a property being very similar to last year at £274,162.

All of the above allows home buyers more time to take consideration of all aspects of their move and ensure that the new property they are securing is right for them. In addition, it ensures that there is greater choice on the market.

Detailed expert advice from leading solicitor estate agents

What is clear however, is that detailed expert advice can make all the difference and this is where ESPC solicitor estate agents can really help.

Solicitor estate agents have intimate knowledge of the property market and will be able to work with homebuyers to identify locations and property types that best suit their individual needs and budgets. Edinburgh, the Lothians, Fife and the Borders is made up of many micro property markets and solicitor estate agents are ideally placed to help buyers identify the optimum buying areas for them. Whether you are buying or selling, the right strategy is more important than ever.

There is often a degree of trepidation about working with a solicitor, but this research from ESPC also showed that this was unwarranted. In fact, past buyers and those actively looking to buy were asked how easy or difficult a range of factors were in their experience of buying, and dealing with their solicitor claimed the top spot as the easiest factor.

Paul Hilton, CEO of ESPC, said: “These results clearly show that buyers can really benefit from expert advice, and ESPC and our solicitor estate agent member firms are here to help! This research proves that working with a solicitor when buying a home is easy. They will use their market knowledge and experience to do the very best for their clients and ensure that you get the best experience possible.

“If you are thinking of buying or selling a home in Edinburgh, the Lothians, Fife or the Borders, get in touch with your local ESPC solicitor estate agent today.”