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There has been a lot of discussion in the media over recent weeks and months regarding the state of the housing market throughout the country, with much speculation about an impending “crash” in the market.
However, notwithstanding the markets elsewhere in the country, Janette Dillon, Property Manager of Macleod & MacCallum believes that the Highland Property market remains robust and has not been affected by such a slump. Janette commented “According to data from the Highland Solicitor Property Centre, whilst the number of properties sold in the Highlands during 2023 is 7% less than the same period last year, the average property price has actually increased by 1% on the same period in 2022.”
“The average asking price of a property compared to its selling price can vary throughout the year, but the yearly average shows that properties in the Highlands are still selling for nearly 3% more than their asking price, indicating that potential buyers will still have to offer in excess of the asking price in order to secure a property.”
“These figures certainly indicate a supply and demand issue in the area, with fewer properties available but still an active group of prospective purchasers who will need to move quickly if they find a property they are interested in, and the potential competition from other purchaser’s keeping sale prices above the asking prices.” Janette noted.
“At the moment, the largest increase of property type coming onto the market in Scotland is with 5+ bedroom properties - up 68% on last year. This could be as a result of sellers looking to downsize for a variety of reasons the increasing mortgage rates, fuel and heating costs, a possible impending Council tax increase and so on.”
“Another significant increase is with one-bedroom properties, which could be due to a number of private landlords leaving the market. Once again, the increasing mortgage interest rates may be having a detrimental effect on the buy to let market, along with increasing regulation.”
However, Janette cautioned “Whilst sale prices remain encouraging, it is certainly likely that the area will experience a slowdown in the market and in such a market expert advice from experienced Solicitor Estate Agents such as our team at Macleod & MacCallum is vital. A potential seller needs to consider how to make their property stand out from the rest - Kerb Appeal is critical, with a first impression being created in 8 seconds - less time than it takes you to get out of your car. The old adage “never judge a book by its cover” does not apply to property! If the outside does not impress, the viewer will step inside with a negative attitude.”
“A seller should consider what they can do improve their kerb appeal - tidy the externals, cut the grass and trim back any overgrown bushes, paint the door and steps, clean the windows, repair any broken fences and railings and remove any vegetation from the gutters.” Janette advises. “Internally, de-clutter as much as possible, especially in the kitchen, remove bins or anything with a strong odour, clean the bathrooms and air the property, and keep any boisterous pets at bay!”
“If there is limited car parking space, park your car somewhere else leaving adequate parking for viewers. Make the property number / name easy to identify - it can be frustrating if a property is difficult to find.”
“If you are interested in a property, I would recommend that you lodge a formal note of Interest through one of our solicitors - you don’t want to miss out should a Closing Date be set.” Janette commented.
“I would also recommend that you keep an eye on the new listings and register with Agents to get advance notice of what is coming on to the market.”
If you would like some help or advice with marketing or selling your property, please do not hesitate to contact the team at Macleod & MacCallum at property@macandmac.co.uk
