Autumn looking brighter?
The Edinburgh residential property market is never dull, but 2015 is proving to be a particularly interesting year. From tax changes to varying market conditions, there has been a great deal for everyone to reflect on during the opening two thirds of this year.
The first quarter of 2015 saw the upper middle market (and above) dominated by the impending arrival of the Land and Buildings Transaction Tax. The imminent introduction of this stamp duty replacement resulted in Simpson & Marwick processing four times our normal number of transactions during March. This inevitably created a vacuum period in the second quarter of the year for properties above £600,000.
However, I have observed recently that more properties in this sector have been coming to market during late July and early August. New buyers are entering the market, as most people who wanted to buy in the first half of the year chose to do so between January and March.
We are now seeing increased market activity after a very quiet start to the summer. While there will inevitably be some impact from the increase in tax, it does appear that we are moving into a period of further optimism. This is being driven by strong buyer demand and a lack of good properties on the market, in tandem with the absence of any increase in the base mortgage rate.
The moral of the year to date is clear – if you’re thinking of selling, contact Simpson & Marwick now to get your property onto the market. That way, you can benefit from the renewed levels of activity that look set to develop during the next couple of months.
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