Fourth Quarter Report 2018
Ayr Q4 Market Report
By Bruce Patterson
Another compelling year in the Ayrshire property market is behind us so what do we take out of it ? Especially given the media is dominated mostly by negative commentary around the B word !
In Ayrshire it’s mostly good news. We completed a company record of over 500 sales during 2018 so our most successful year by a margin. Not only that but almost one in four of our customers properties were sold at closing date ( multiple bids ) resulting in some premium prices and fantastic results for our customers.
So what’s driving demand ? No doubt mortgage rates are at an all time low and strong employment figures are being reported. In addition as sales pick up a shortage of supply means good quality stock in key locations tends to sell quickly.
It’s now ten years since the 2008 recession and gradually over time, over indebted consumers have rebalanced their finances. Government initiatives like the Help to buy Scheme have helped first time buyers and banks have relaxed lending criteria and reduced the amount of deposit required.
In addition the weaker exchange rates encourages retirees to look at UK options rather than overseas. Paltry returns on savings accounts deposit has led to downsizers looking to release equity from their home by considering more affordable options over the higher priced stock on the south side of the city. A large portion of our buyers ( 55% ) continue to re locate to Ayrshire from outside the local area.
Many sales in key areas are achieving Home Report and above so professional advice is paramount. Rather that be rushed into accepting an early offer it is often in their best advice to stay patient and allow enough time on the market to set a closing date.
In an under supplied situation this strategy often yields the best overall result, not only in terms of price but also in the robustness and quality of an offer. So whilst a cheaper fee deal might sound attractive it only works if you achieve the best sales price.