Decent stock levels and sensible pricing keep the Edinburgh market moving
As we move into May we find ourselves in the thick of the Spring property market when, traditionally, a lot of the action takes place and we get a really good sense of how the market is performing each year.
Healthiest stock levels since 2019
Firstly, looking at stock levels on the market at the end of April 2023, these were almost 70% higher than April 2022. For buyers that means that there are plenty of options out there compared to the last couple of years. In fact, this is the healthiest level of stock, going into the Spring market, since 2019.
With more stock on the market than we’ve seen for several years, this might be alarming for some sellers however the data shows that properties are selling. According to Rightmove, there were 1104 sales in April this year, matching the same month in 2021 when the market opened up again after lockdown. Last year, we saw sales agreed drop by 25% but that was mainly due to the lack of options available to buy on the market so more stock on the market this year has contributed to sales agreed bouncing back to these 2021 post-lockdown levels.
Motivated sellers pricing to sell
An important factor in maintaining these strong sales levels is pricing. According to Rightmove, 801 properties across the city have had their price dropped so far in 2023. That’s compared to only 216 price reductions in the first 4 months of 2022. This shows that sellers are responding to the market and to enquiry levels once their properties are on the market, taking action to ensure they get a sale. Those selling in the current market are likely also buying in the same market conditions, paying a similar price in relation to home report valuation.
All in all, these are all really healthy signs with motivated buyers and sellers as we enter the thick of the Spring market.