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Market Update November

Looking at the Lanarkshire Market Place for November   It’s not all doom and gloom for the last quarter in 2023   “Scotland was the fastest selling region in the UK during September 2023, with 60% of homes sold within 30 days of being listed. This rate was significantly higher than the UK average of 37%”   November, being part of the autumn and early winter months, often sees a slowdown in market activity compared to the spring and summer. This is partly due to shorter, colder days and approaching holidays, which can affect both buyers' and sellers' motivations.   Those who are house hunting in November are often serious buyers, motivated by factors such as job relocations, changes in family circumstances, or the desire to settle into a new home before the end of the year.   Let’s have a brief look at what’s been happening over the last month in the local property market around Lanarkshire.   There are currently 865 properties available on the market in the area. The month prior there were 922, with 879 in September and 893 in August. This is an encouraging factor considering the uncertainty of the mortgage market. These figures are also an improvement on the figures the same time last year. There are also more properties coming onto the market each month. In November, there were 383, October there were 343, September 314, and in August 309. This could explain the higher number of available properties as there were more to choose from. In November, 287 sales were agreed. In October, 307 sales were agreed. The month before, 299 sales were agreed with 330 being the month before. In November there has been flurry of sales as people try and conclude and get things tied up for Christmas. In November, there were 75 price reductions. There were 102 price reductions in October and 92 in September, we saw 82 price reductions across the Lanarkshire property market as a whole. The number of price reductions have significantly increased year on year with a jump of almost 80%. This is a reflection of the number of buyers in the market this year compared to last year. In November, there were 263 slow movers in the Lanarkshire area. This means a property that has been on the market for 12 weeks or more. This could be due to the market returning to more normal levels but expectations still being at the peak levels. In October, there were 251 slow movers on the market In September, there were 209 and in August, there were 201. These figures are four times as high as they were around the same period last year. Slow movers can often be due to the 3 Ps - presentation, promotion, or price. We are proud to be in the top 10 agents in the area with the smallest numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans. In November, each property in the Lanarkshire area had average daily views on Rightmove per property of 104. In October, this figure was 99 and September it was 117. In August, this number has jumped back up to 123. This shows the high levels of activity in the local Lanarkshire property market, which are likely to increase or at the very least, remain strong in the final quarter of the year. If you’re looking for further information about the Lanarkshire property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.

06 Dec 2023

Home Reports in Scotland: Your Key to a Successful House Purchase in Lanarkshire

Home Reports in Scotland: Everything You Need to Know If you're a first-time home buyer in Lanarkshire looking for a comfortable family home, it's important to understand the concept of a Home Report. In this comprehensive blog post, we will answer all your questions about Home Reports in Scotland, with a focus on the keyword "home reports Scotland." What is a Home Report? A Home Report is a document that provides essential information about a property's condition and value. It is a legal requirement for properties being marketed for sale in Scotland. The report is prepared by a qualified surveyor and contains detailed information that potential buyers need to know before making a purchase. What's in the Home Report? A Home Report typically consists of three key components: Single Survey: This section provides an assessment of the property's condition, including any defects or issues that need attention. It also includes a valuation of the property. Energy Performance Certificate (EPC): The EPC rates the energy efficiency of the property and provides recommendations for improving its energy efficiency. This helps buyers understand the potential energy costs associated with the property. Property Questionnaire: The Property Questionnaire contains additional information about the property, such as council tax band, parking arrangements, and any alterations or improvements made. What is the Purpose of a Home Report? The main purpose of a Home Report is to provide transparency and help buyers make informed decisions. It allows potential buyers to assess the condition and value of a property before making an offer. Additionally, it helps sellers by providing a comprehensive overview of their property, which can attract serious buyers. What to Look Out for in a Home Report? When reviewing a Home Report, there are a few key things to look out for: Condition of the Property: Pay attention to any significant defects or issues mentioned in the Single Survey section. This will help you understand the potential costs of repairs or maintenance. Energy Efficiency: Check the EPC rating to determine the property's energy efficiency on the energy report. A higher rating indicates lower energy costs and a more environmentally friendly home. Additional Information: Review the Property Questionnaire for any specific details that may be important to you, such as parking arrangements or alterations made to the property. What is the Average Cost of a Home Report in Scotland? The cost of a Home Report in Scotland can vary depending on the size and location of the property. On average, you can expect to pay between £400 and £700 for a Home Report. It's important to note that the cost is typically borne by the seller. How Can I See a Home Report in Scotland? To view a Home Report for a property in Scotland, you can request it from the seller or the estate agent marketing the property. They are legally required to provide a copy of the Home Report upon request. Are Home Reports Still Required in Scotland? Yes, Home Reports are still required in Scotland for properties being marketed for sale. They have been a legal requirement since 2008 and play a crucial role in the property buying process. Does the Buyer or Seller Pay for a Home Report in Scotland? In Scotland, the seller is responsible for commissioning and paying for the Home Report. The cost of the Home Report is typically factored into the overall selling costs. Does a Home Report Replace a Survey? A Home Report does not replace a survey. While it provides valuable information about the property's condition, it is not as detailed as a full structural survey. If you have any concerns about the property's condition, it is advisable to commission a separate survey. Are Home Reports a Legal Requirement in Scotland? Yes, Home Reports are a legal requirement in Scotland for properties being marketed for sale. They are designed to provide transparency and protect both buyers and sellers in the property transaction process. How Long Does a Scottish Home Report Last? A Scottish Home Report is valid for up to 12 weeks from the date it is completed. If the property remains on the market for longer than 12 weeks, the seller or mortgage lenders may need to update the Home Report to ensure its accuracy. Who conducts the Home Report? The home report in Scotland is conducted by a qualified and registered chartered surveyor. This professional is responsible for assessing the condition of the residential property, conducting the necessary inspections, and compiling the information into the home report document. The surveyor must adhere to strict guidelines and standards set by the Royal Institution of Chartered Surveyors (RICS) to ensure the accuracy and reliability of the report. We personally user two trusted chartere surveyor companies to conduct all our home reports and they both have local offices in the lanarkshire and glasgow area. Now that you have a comprehensive understanding of Home Reports in Scotland, you can confidently navigate the property market as a first-time home buyer in Lanarkshire. Remember to review the Home Report carefully and seek professional advice if needed. Happy house hunting! Please call us now on 01698 441222 to discuss your requirements and to answer as many questions as you may have.

06 Dec 2023

Lanarkshire Property Market Report June 2022

The school summer holidays are upon us and the increased presence of the entire family at home makes many people start to think about whether their current home is still suitable for their needs. For example, you may discover that you need more space now your children are bigger or perhaps you would like a bigger garden for when your grandchildren visit. Perhaps you would prefer to live somewhere quieter now your own children are grown. If you are thinking about moving, be aware that if you want to be settled into your new home in time for Christmas, you need to be considering putting your property on the market now. It takes between four to eight weeks to purchase a property in Scotland. However, add to that the time it takes to get your property ready to go on the market, perfect the marketing, show people around, and negotiate an offer, and you can see why you need to get on with it now in order to allow yourself to be settled in by Christmas. Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire. There are currently 200 properties available on the market in the area. The month prior there were 188. This suggests properties are not selling with quite the speed they were last month. However, there were 116 new properties that came to the market in May. In June, there were 130. This could explain the reason for the higher number of available properties as there were more to choose from. In June, 125 sales were agreed. The month before, 107 sales were agreed. These figures are what we would expect to see considering the different numbers available on the market in both months. The number of price reductions doubled May to June.  There are 17 slow movers on the market in the Lanarkshire area. This means a property that has been on the market for 12 weeks or more. In May, there were 21 so some of those properties have either sold now or come off the market.  A slow mover can happen because of several reasons. For example, poor presentation of the property - either internally or the photos/video, reliance on one marketing channel, or it can be because the price isn't correct for the current market. In May, each property in the Lanarkshire area had average daily views on Rightmove per property of 244. This is the average of the top ten agents in the area. Some agents are only averaging 79 per property per day. It really can make a difference to your chances of selling your home by choosing the right agent. Our average daily views in June were 310, which we are so pleased about for our clients.  Read more about how to choose the right estate agent in Lanarkshire for your home and your circumstances here. The market has slowed a little, and there are suggestions that it may slow further so now is the time to sell, especially if you wish to be in your new home before Christmas. If you're looking for further information about the Lanarkshire property market, or if you're thinking of selling or buying in the area, please don't hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.

31 Aug 2023

September 2022 Property Market Report

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.The children are all settled back at school and the changing weather leaves us in no doubt that Autumn is definitely here. September is always a month of new beginnings.  With Christmas just around the corner many people start to think about whether their home still works for their family. The rising interest rates may be causing pause for thought but life continues, despite the rising cost of living and people will always need to move home; sometimes because of, and sometimes in spite of, the financial climate. Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire. There are currently 707 properties available on the market in the area. The month prior there were 681, with 573 in July, and 557 in June. The increasing numbers of available properties is perhaps indicative of the heat having left the market as properties aren't getting snapped up as fast as they were. Things are started to calm back down to normal levels and there is now more choice once again for buyers. There are also more properties coming onto the market each month. In June there were 345, July 348, in August 369 and in September 376. This could explain the higher number of available properties as there were more to choose from. In September 355 sales were agreed, in August there were 364, in July 289 sales were agreed and in June 317 sales were agreed. As more properties come to the market, more sales are happening. Although the media has been talking about the market cooling, the local facts are that there is still a lot of activity. There were 26 price reductions in June and in July we saw 30 price reductions across the Lanarkshire property market as a whole.  In August, this number jumped up to 51. There were 44 price reductions in September. This could imply that some sellers' or agents' expectations of what the market is prepared to pay are not in line with the reality. In September there were 81 slow movers in the Lanarkshire area. This means a property that has been on the market for 12 weeks or more. This could be due to the market returning to more normal levels but expectations still being at the peak levels. In August, there were 71 slow movers. In July, there were 49 slow movers on the market and in June, there were 53. Slow movers can often be due to the 3 Ps - presentation, promotion, or price. We are proud to be in the top 5 agents in the area with the smallest numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans. In June, each property in the Lanarkshire area had average daily views on Rightmove per property of 223. In July this figure was 189. In August, this number jumped back up to 221 and in September it has settled back to 186 . This shows the high levels of activity in the local Lanarkshire property market, which are likely to increase or at the very least, remain strong in the final quarter of the year. If you're looking for further information about the Lanarkshire property market, or if you're thinking of selling or buying in the area, please don't hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.

31 Aug 2023

December 2022 Market Report for Lanarkshire

The Christmas holidays and the dawning of the new year often bring changes to many. The realisation that their home is no longer right for them, wanting to move for a better lifestyle, family breakdowns or new additions.  It can be a great time of year to sell your property because those house-hunting in January tend to be serious about their move. The Spring Rush can bring many more "would be nice to move" situations whereas people now are more likely in the "have to move" camp. Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire. There are currently 568 properties available on the market in the area. The month prior there were 620, 687 in October, 707 in September and 681 in August. Things have now calmed back down to normal levels for the first time since the beginning of 2021 and there is now more choice once again for buyers. The number of properties that came onto the market in December, 153, was noticeably lower than during previous months. This was to be expected as December is usually the least popular month for sellers to put their properties on the market due to festive commitments. Prior to December there were a steady number of properties coming onto the market each month. In August there were 369, in September 376, in October 299 and in November 219. This explains the high number of available properties as there are lots to choose from. In December 135 sales were agreed. In November there were 265, in October there were 271, in September there were 355 and in August there were 364. The noticeable drop in December is normal and is not indicative of a long-term dip in the local property market. It is reflective of the effect of this time of year on buyers' priorities. The local facts are that there is still a high level of activity in the local property market and we expect the first quarter of 2023 to be as busy as normal.  In August we saw 51 price reductions across the Lanarkshire property market as a whole. There were 44 price reductions in September, 54 in October and 81 in November. It fell to 30 in December which was likely to be caused by sellers waiting for the market to pick up again after the normal lull in December rather than choosing to reduce the price of their property.  In December there were 182 slow movers in the Lanarkshire area. This means a property that has been on the market for 12 weeks or more. This could be due to a combination of the market returning to more normal levels but expectations still being at the peak levels and the effects of Christmas festivities on buyers' priorities. In October there were 90, in September there were 81 and in August, there were 71.  Slow movers can often be due to the 3 Ps - presentation, promotion, or price. We are proud to be in the top 5 agents in the area with the smallest numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans. In August, each property in the Lanarkshire area had average daily views on Rightmove per property of 221. This is the average of the top ten agents in the area. In September this dropped to 186, in October it was 149 and in November it settled down to 129.2.  In December it dropped to 76.5. This is highly typical for this time of year with commitments over the festive period taking precedence over house hunting for many buyers. The levels of activity in the local Lanarkshire property market are expected to return to their normal high levels in the first quarter of this year.  Average daily views per property on Rightmove for properties listed by Lanarkshire Law were 83.4 in December which was 9% higher than average. We are pleased to be consistent in achieving higher than the average again for our clients. It shows the difference your estate agent can make when it comes to attracting the right buyer to your property.  If you're looking for further information about the Lanarkshire property market, or if you're thinking of selling or buying in the area, please don't hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.

31 Aug 2023

January 2023 Market Report for Lanarkshire

2023 is in full swing, and the housing market is starting to return to its normal busy levels after the usual lull in December.  Buyers who are looking in February are serious about moving, which makes this one of the best months of the year to put your property on the market. The Spring Rush is on its way and will bring many more "window shoppers." Homebuyers who are looking now tend to be motivated and have a strong drive to find their next home. Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire. There are currently 693 properties available on the market in the area. The month prior, there were 568. There were 620 in November, 687 in October, and 707 in September. The market has returned to its normal busy levels after the usual December lull.  There have been a steady number of properties coming onto the market over the last few months. January was no exception, with 203 properties coming on the market during the first month of this year. In December, there were only 153, which is likely because many sellers were busy with holiday plans. However, before that, in November there were 219, in October there were 299, and in September there were 376. We expect these high levels of activity to continue throughout the year.  In January, 215 sales were agreed. This indicates that the market is returning to normal levels, as anticipated following the lull in December, when only 135 sales were agreed upon. In November, there were 265; in October, there were 271; and in September, there were 355. The local facts are that there is a high level of activity in the local property market, and we expect the first quarter of 2023 to be as busy as normal.  In September, we saw 44 price reductions across the Lanarkshire property market as a whole. There were 54 in October, 81 in November, 30 in December, and 92 in January.  In January, there were 251 slow movers in the Lanarkshire area. This is a property that has been on the market for at least 12 weeks. This could be due to the market returning to more normal levels but expectations still being at peak levels. In December, there were 182 slow movers in the Lanarkshire area. In November there were 120, in October there were 90, and in September there were 81.  Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be in the top 5 agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans. In September, each property in the Lanarkshire area had an average of 186 daily views on Rightmove. This is the average of the top ten agents in the area. In October, it was 149, and in November, it was 129.2. In December, it dropped to 76.5. This was highly typical for December, with commitments over the holiday period taking precedence over house hunting for many buyers. In January, average daily views sprung back up to 122. The levels of activity in the local Lanarkshire property market have, as expected, started to return to their normal high levels in the first quarter of this year.  Average daily views per property on Rightmove for properties listed by Lanarkshire Law were 178.6 in January, which was 46% higher than average. We are pleased to consistently deliver above-average results for our clients. It shows the difference your estate agent can make when it comes to attracting the right buyer to your property.  If you're looking for further information about the Lanarkshire property market, or if you're thinking of selling or buying in the area, please don't hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.

31 Aug 2023

February 2023 Market Report for Lanarkshire

March sees the start of the Spring Rush which is traditionally the busiest time of year for the property market. Warmer weather brings home buyers out of their self-imposed winter hibernation. Longer days give more opportunities for evening viewings, and spring flowers brighten up and bring outdoor areas to life. All of these things make now the ideal time to put your property on the market.  Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire. There are currently 771 properties available on the market in the area. This is an increase of 43.6% more than were available in February 2022 which is excellent news for buyers as it gives them more choice. In January there were 693. In December there were 568, in November 620 and in October 687.  There have been a steady number of properties coming onto the market over the last few months. In February, 296 properties were put on the market in the local area. In January, that number was 203, in December, there were only 153, which is likely because many sellers were busy with festive plans. However, before that, in November there were 219 and in October there were 299. These figures clearly demonstrate that the market in this area is remaining busy. February is the month of love, and this certainly was true in the local property market with 260 homebuyers falling in love with a new property in the local area. In January there were 215 sales agreed; in December there were 135; in November there were 265; and in October there were 271. There is a high level of activity in the local property market, and we expect the second quarter of 2023 to be as busy as usual.  In October, we saw 54 price reductions across the Lanarkshire property market as a whole. There were 81 in November, 30 in December, 92 in January, and 45 in February. The market is returning to normal, and seller expectations are now more realistically aligning with reality. The local market may no longer be gripped by the frenzy that followed the pandemic, but it is remaining buoyant.  In January, there were 231 slow movers in the Lanarkshire area. This is a property that has been on the market for at least 12 weeks. This could be due to the market returning to more normal levels but expectations still being at peak levels. In January, there were 251 slow movers in the Lanarkshire area; in December, there were 182, in November, there were 120, in October, there were 90, and in September, there were 81. When houses are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be in the top 5 agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans. In October, each property in the Lanarkshire area had an average of 149 daily views on Rightmove. This is the average of the top ten agents in the area. In November, it was 129.2. In December, it dropped to 76.5. This was highly typical for December, with commitments over the festive period taking precedence over house hunting for many buyers. In January, average daily views sprung back up to 122 and increased further to 153.1 in February. The levels of activity in the local Lanarkshire property market have, as expected, returned to their normal high levels in the first quarter of this year.  Average daily views per property on Rightmove for properties listed by Lanarkshire Law were 210.6 in January, which was 37.6% higher than average. We are pleased to consistently deliver above-average results for our clients. It shows the difference your estate agent can make when it comes to attracting the right buyer to your property.  If you're looking for further information about the Lanarkshire property market, or if you're thinking of selling or buying in the area, please don't hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.

31 Aug 2023

The Scottish Housing Market

What's the Latest on The Scottish Housing Market? The month of May brought a glimmer of hope that the housing market in Scotland had started to rebound. At the end of last month saw Taylor Wimpey securing detailed planning of homes in west Edinburgh. We also seen Stirling Council approves plans for new Kippen development. All good news for the housing market, but what does it mean for the many smaller companies who rely on the housing market and more importantly for the residential market of buyers and sellers.  How is COVID-19 impacting the housing market? With the publication of the Scottish Government's COVID-19 route map on its phased approach to easing lockdown. As we progress through Phase 1 there is little or no change to many people or businesses. Apart from an easing up of people congregating from other families in an outside space, it is lockdown life as usual.   Everything connecting with moving homes such as sales and lettings are on hold for the foreseeable future. Moving home is therefore very unlikely unless it is deemed to be essential or exceptional circumstances. The hope is that when we move to Phase two which is expected to be in the next few days, we should see the Scottish government relax restrictions on house moves in the Scottish Housing Market.  Here are the updated COVID-19 guidelines What could be next?   Will there be a flood of activity in the Scottish housing market? According  to the ESPC, when they compared the two weeks after the English property market restrictions were relaxed to the two weeks before, there's been a 60% increase in viewing requests,37% increase in Home Report downloads and 16% increase in web traffic sessions on their main site. The hope is that this is an indication of things to come. Remeber when selling your home please read our 10 Step Guide to Get the Most Value for Your Home When we eventually do come out of lockdown, there is no doubt that the economy will be not be in a healthy robust state. We will see low growth, more government borrowing and debt and the possibility of higher taxes across many areas of our lives both personal and work related. A healthy property market needs economic growth and consumer confidence. However, on a positive side, initially there will be a backlog of people who need to relocate, and this process should be unleashed as barriers come down, allowing at least some positive movement on the market. However, you must tread carefully be safe and make sure you make the right decision for you financially in the future. If you are havign trouble with any property terms then why not check out our Jagon Buster If you have any questions regarding property sales or the scottish housing market within Lanarkshire, Bellshill, Coatbridge, Airdrie, Motherwell then please do not hesitate in getting touch at sales@LanarkshireEsteAgents.co.uk or call us on 01698 441327  For other stories please check out https://userbars.co.uk/

31 Aug 2023

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