Despite media talk of interest rate rises the spring/early summer property and the cold snap in February the property market in Ayrshire went into overdrive during the traditional spring market. Accurately priced property at all price ranges achieved selling times of less than four weeks and one in four of our sales went to closing date ( ie multiple offers )
Whilst the majority of sales was concentrated at the lower to mid price range level activity strengthened at the middle and upper price level during May and June. Our Ayr branch completed a record 100 sales during the period. Eight sales were recorded between £800,000 and £1,500,000.
Strong employment figures, competitive mortgage rates, and a rising stock market have markedly improved confidence. An extension to the Help to Buy scheme has supported house builders which correspondingly has a knock on effect for the second hand residential market as higher new build prices help push up nearby housing stock by comparison. A continuing lack of supply underpins the overall market.
On a local level – Ayr, Troon and Prestwick continue to outperform the national market due to the “Manhattan effect “ of being commutable to a major city whilst retirees and downsizers from Glasgow seek options and value over the higher prices on the south side. A large portion of our buyers continue to re locate from outside the local area and so far this year almost 60% of our buyers have relocated from further afield.
The weaker exchange rate has provided a drag on overseas retirement options which has significantly increased demand for ground floor apartments and detached bungalows all along the Ayrshire coast. Most of the new build developments are reporting strong enquires and we expect activity to continue at a pace into late summer as talk of interest rate rises brings forward moving plans for those clients requiring mortgage finance.