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Let’s first take a look at the statistics for your local area for houses sold during June 2023 and the number of houses currently on the property market during the month of June.
Glasgow
Properties on the market for sale: 8,419
Houses sold during June 2023: 1,348
Edinburgh
Properties on the market for sale: 5,282
Houses sold during June 2023: 885
Fife
Properties on the market for sale: 2,931
Houses sold during June 2023: 427
Dundee
Properties on the market for sale: 1,813
Houses sold during June 2023: 268
Aberdeen
Properties on the market for sale: 2,567
Houses sold during June 2023: 385
Over the last 3 months the supply of properties hitting the Edinburgh housing market is actually 10% higher than the same period last year.
We know that the housing market is slowing down a little, but there is still a high percentage of people still deciding to go ahead with selling up. Although it is predicted that sales are expected to take a bit longer. Keep in mind that it takes around 3 months from sale agreement to full completion.
The number of properties on the market has witnessed a small decrease since the start of the year, but the amount of houses being sold has remained consistent. The supply over demand continues because house prices still remain high due to the lack of available credit to buyers (great for an investors market).
A number of sellers are reducing the price of their property in anticipation of the housing market getting worse. If this is true, it could present a whole host of purchase opportunities for investors looking to expand their portfolios at lower prices. The shift in pricing has started already during June.
In addition to this, first time buyers are not in as strong a position with house prices remaining high relative to earnings and deposits remaining high, meaning lower priced properties are more readily available to investors.
The huge increase in the Bank of England base rate has caused mortgage rates to rise rapidly. This latest decision was directed at slowing down inflation.
The lack of available credit from lending institutions is the main challenge if you are not a cash buyer.
Try to obtain a property that is at least 15% below the market value. Some homeowners are now in the position where they cannot afford their repayments due to the interest rate change, meaning the market will have a surge of properties available.
Purchasing your property investments via a Limited Company will also give you the added advantage of reducing taxes, whilst lowering expenses. It is possible to still secure an excellent return on a property if the right strategies are employed, such as researching the market conditions and expert negotiation.
If you want to find out more about the possibilities open to you in the current market conditions, get in touch with our expert team today. Why not drop us an email and book an informal chat? Our expert team are always on hand and ready to talk!
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