Ayr Q3 Market Report
By Bruce Patterson
Motivated by affordable financing options and keen to make a move on the property market, local buyers’ mood has only been dampened by a fundamental lack of supply in Ayrshire this last quarter.
Despite August’s 0.25% increase in base interest rate, the property market in Ayr continued at a lively pace, with a steady stream of committed local buyers trading up as well as buyers relocating form further afield in search of better value and retirement options.
Fierce competition between lenders has resulted in some amazing deals currently on offer. One fine example: the number of products available for first time buyers has increased from around 60 at the beginning of 2017 to almost 300 at present, giving plenty of option to aspiring homeowners.
These strong fundamentals have given rise to an increase in the number of Closing Date sales which has resulted in key properties regularly achieving premium prices over a Home Report value. The market is moving so fast that Home Report values, which are based on Land Registry sales by Chartered Surveyors with a six to eight week time lag are quickly and constantly surpassed. Only one of the reasons it is always prudent to seek a current market valuation from a professional agent who have access to current local market data.
With the majority of homes going to closing dates, we recommend sellers to allow enough time on the market to set a closing date as this normally achieves the best overall result both in terms of price but also in terms of the quality of an offer.
Last but not least, we have seen a rise in off market sales. Not all our properties are listed on the open market as some clients prefer a more discreet approach. This should be of special interest to pre qualified buyers wishing to move quickly can give themselves a better chance if they have finance agreed. To gain access to our off market sales which are not listed on internet portals, please register with your local Corum office in strict confidence.
We are of the opinion that a further rate rise this year is improbable. As a consequence, we anticipate strong trading conditions to continue until the end of year. As always in property, uncertainty often creates opportunity so any clients considering a move can take advantage of our complimentary valuation service with absolutely no obligation.