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  • March 07, 2018 06:34:23 PM
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A Little About Us

A blog which provides hints and tips and valuable resources about home reports in Scotland. Home reports are mandatory in Scotland when selling your property. The blog discusses all aspects of selling your home and is a valuable resource.

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  • Annual Regular Membership: 1 Year Term 2019-03-07 11:34:23 (82 days left)
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    Property Market Update November 2018

    Seller confidence and buyer demand remain strong in east central Scotland property market  During September and November 2018, there was a substantial year on year increase in the volume of properties coming onto the market in east central Scotland, with the number of listings up... The post Property Market Update November 2018 appeared first on Home Report...

    Seller confidence and buyer demand remain strong in east central Scotland property market 

    During September and November 2018, there was a substantial year on year increase in the volume of properties coming onto the market in east central Scotland, with the number of listings up 14.1% when comparing the same period last year. In Edinburgh, the number of homes coming to market rose by 5.5% between September and November. This continued increasing trend is a positive sign for buyers, indicating an ongoing confidence of sellers, despite the uncertainty surrounding Brexit.

    The number of properties sold during this period increased by 1.4% annually. This increase is the positive result of an increasing number of homes being brought to market in recent months.

    Average selling price in east central Scotland

    The average selling price in east central Scotland rose to £246,142 between September and November 2018, which is a 5.3% increase annually. In Edinburgh, the median selling price was £268,175 which was a 5.7% increase compared to the same period last year.

    Selling trends

    Two-bedroom flats in the coastal areas of Portobello and Joppa saw the most significant year on year increase in average selling prices, increasing by 22.5% to £254,442. Two bed flats in Trinity, Newhaven and Inverleith also increased by 18.7% to £258,898.

    One-bedroom flats in Polwarth, Shandon and Tollcross reached the highest average percentage over Home Report valuation at 111.9%, followed by one-bedroom flats in Dalry, Gorgie, Slateford and Chesser which achieved 109.8% of their valuation on average.

    Average selling price of three-bedroom properties in Liberton and Gilmerton fell by 11.3% to £227,523.

    During the period September to November 2018, the average selling price of properties in West Lothian rose by 12.2% to £185,358. In East Lothian, the average selling price rose by 11.7% to £242,689.

    Selling times 

    One-bedroom flats in Leith Walk, Easter Road, Pilrig and Bonnington and two-bedroom flats in New Town and West End were the quickest to sell, with a median selling time of just13 days.

    The top selling property type from September to November 2018 was two-bedroom flats in Leith, followed by three-bedroom houses in Dunfermline and two-bedroom flats in Newington.

    Brexit and the east central Scotland property market

    Jamie Fraser-Davidson, Business Analyst at ESPC, said: “Despite approaching Brexit, it appears seller confidence in the east central Scotland property market is staying strong with the number of homes coming to market continuing to increase compared to last year. Average selling prices are also rising steadily, and properties are regularly achieving their Home Report valuation, as well as short selling times, indicating that the significant demand from buyers continues.

    “The outcome of next week’s Parliament vote on the Brexit deal may have an impact on the confidence of both buyers and sellers in the east central Scotland property market and it will be interesting to monitor the effects of this over the next few months. However, regardless of the result, we expect the east central Scotland property market to be relatively resilient throughout the changes that leaving the EU will bring, in comparison to other areas of the UK, some of which are starting to show signs of stress.”

     

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

    The post Property Market Update November 2018 appeared first on Home Report Company.


    Is Winter a Good Time to Sell Your Property?

    The short, the answer is ‘Yes’. Winter can be a great time to sell your property as buyer demand typically outstrips the supply of homes for sale, putting sellers in a strong position. As we enter December, the property market is certainly not at a... The post Is Winter a Good Time to Sell Your Property? appeared first on Home Report...

    The short, the answer is ‘Yes’. Winter can be a great time to sell your property as buyer demand typically outstrips the supply of homes for sale, putting sellers in a strong position.

    As we enter December, the property market is certainly not at a standstill. Properties are continuing to sell well in a continuation of what has been a very strong year for the market in Edinburgh and the Lothians. Since the end of the summer there have been more sellers willing to take the plunge and get their home onto the market. This has helped create a greater balance in the local market, though while most properties are still selling well, the high premiums that we were previously seeing are slightly less prevalent.

    Demand Isn’t Seasonal

    The majority of home buyers tend not to move home on a knee-jerk reaction. There are many reasons why people tend be looking to buy; re-location for work, a growing family, separation, downsizing or to release funds for other plans such as travel or retirement. As a result, these people don’t need to hang off until Spring next year to move.

    Fewer people do tend to put their properties on the market in winter due to the perception surrounding peak selling times. However,  this typically means less competition among sellers and less properties for buyers to choose from, but demand from buyers is still there!

    To take advantage of the winter market and make sure that you are in the strongest position possible, here are some of our top tips for selling your property during Winter.

    Top Tips for Selling in Winter

    Winter selling tips, to give you the very best chance of selling your property for the best possible price!

    1. If your property isn’t yet on the market, don’t wait! Take advantage of active buyers and a diminishing number of properties coming to market. A lot of buyers will be on annual leave over the festive period and will have additional time for viewings.
    2. Make sure the house is warm and cosy when buyers come around, especially if it’s chilly outside. It definitely adds appeal for prospective buyers.
    3. If you have a garden or outside space, make sure it’s ready for viewings. Sweep up any dead leaves and give the lawn a final mow. Hide wheelie bins/recycling tubs out of sight and consider adding some bright colours plants in pots or planters to add a splash of colour.
    4. If selling near Christmas, try not to have the house cluttered with unnecessary decorations! Try and create the illusion of as much space as possible by keeping surfaces uncluttered. Cards can be hung on string and attached to walls or doors for example.
    5. Even though the balance of supply and demand is in your favour you want to make your property as attractive as possible, so be realistic on price. Don’t be quick to turn down the first offer, any offer is good. It may not be the price you are looking for, but you can negotiate. Your selling agent will be able to advise you further on pricing structure and expectations.
    6. A good tidy-up and some elbow grease can go a long way to increasing the attractiveness of your property to prospective viewers. Now is the perfect time to clean items such as curtains, as it is much more likely that they will be closed due to the longer nights.
    7. Once the festive period is over, try to get the property returned to normality as quickly as possible. Get rid of wrapping paper and packaging, put new toys out of sight or into safe storage and be ready to have your property viewed at a moment’s notice. Remember that many buyers will be on annual leave over the festive period and will have more time for viewings so can turn up at short notice.
    8. If photos of the outside of your property were taken during winter and the property is still on the market at the start of 2019, arrange a re-shoot with your agent’s photographer. Hopefully the new shots will include some blue skies and greenery, or at the very least without snow on the roof and Christmas decorations in the windows! Signs of Christmas or snowy weather in photos creates an idea of the time that the property came onto the market, suggesting to potential buyers in spring that the property has been on the market for a while.

    Remember that buyers are still out in force throughout the winter, so follow our tips and you will stand the best chance of selling your property for the very best price!

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

    The post Is Winter a Good Time to Sell Your Property? appeared first on Home Report Company.


    Scottish Property Market Report October 2018

    High demand from buyers is driving up selling prices, according to the ESPC. Between August and October 2018, there was a 10.9% increase in the number of properties brought to market compared to the same period last year. In Edinburgh explicitly, there was a 5.6%... The post Scottish Property Market Report October 2018 appeared first on Home Report...

    High demand from buyers is driving up selling prices, according to the ESPC.

    Between August and October 2018, there was a 10.9% increase in the number of properties brought to market compared to the same period last year. In Edinburgh explicitly, there was a 5.6% increase compared to the same period last year. This is great news for buyers as a supply shortage of homes for sale has been restricting the housing market of late. This increase also shows sellers are having more confidence in the Scottish property market.

    From August to October this year, the median selling price across east central Scotland increased by 6.1% from £232,814 to £246,927. the average increased by 6.8%, seeing selling prices In Edinburgh average at £267,451 compared to the same period last year.

    In Edinburgh, three-bedroom houses in Blackhall, Davidson Mains, Silverknowes, Cramond, Barnton and Cammo saw the biggest increase in average selling prices annually, rising by 19.4% to £407,537. Two-bedroom flats in Bellevue, Hillside and Broughton saw the next biggest increase, with average selling prices rising 13.9% to £286,979, closely followed by two bed flats in Leith, The Shore and Granton which grew by 11.8% to £200,925.

    Three bed properties in Currie, Balerno and Juniper Green saw a decrease of 8.5% in average selling prices compared to the same period last year, dipping to £288,948. However, on average three-bedroom houses are still achieving 103.6% of their Home Report valuation in these districts.

    The average selling price of Properties in Dunfermline also saw a significant increase of 18.3% to £176,505. However, this is largely due to a dwindled proportion of smaller flats sold combined with a higher proportion of larger homes sold in the area.

    Over the past three months, the average selling time of properties over the was 20 days, one day slower than same period last year. In Edinburgh specifically, the median selling time was 19 days, which is one day slower than the previous year.

    Two-bedroom flats in New Town and West End, one-bedroom flats in Dalry, Gorgie, Slateford and Chesser, two-bedroom flats in Portobello and Joppa and one-bedroom flats in Abbeyhill and Meadowbank presented the quickest selling times over the past three months with a median selling time of just 14 days. one bed flats in Dalry and surrounding areas, as well as Meadowbank and Abbeyhill had the shortest selling times suggesting continued strong demand from first time buyers and buy-to-let investors. these are typical hotspots for those looking to get on the property ladder and renters.

    in Leith, two-bedroom flats were the property type that sold the most between August and October, followed by three-bedroom houses in Dunfermline and one-bedroom flats in Leith.

    Annually, the number of homes sold during this period decreased by 0.4%. This decrease is less pronounced than in previous months, which is likely a result of an increasing number of homes coming to market over the summer and early autumn months.

    ESPC’s Business Analyst Jamie Fraser-Davidson said: “It is encouraging to see a 10.9% increase in the number of properties coming to market over the last three months. This is a positive sign for buyers and indicates sellers’ confidence in the current market conditions, likely due to the continued trends of increasing average selling prices, short selling times and properties exceeding their Home Report valuation.

    “As we get further into the winter months and closer to Brexit, it will be interesting to monitor the impact on both sellers’ confidence and buyer demand.

    “It seems the strong demand for homes in the city from first time buyers and buy-to-let investors continues. One bedroom flats in areas popular for first time buyers and renters such as Dalry, Abbeyhill and Leith Walk have seen notable year on year increases in average selling prices. Plus, one-bedroom flats in these areas are, on average, achieving significantly above Home Report valuation and we are generally still seeing short selling times for these properties.”

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

    The post Scottish Property Market Report October 2018 appeared first on Home Report Company.


    Scottish House Prices Continue To Rise Due To Shortage of Stock

    House prices across Scotland continue to rise in, though at a more modest pace according to the latest regional property index. The latest index from Your Move showed that property prices north of the border increased by 3.3% annual in August. According to Acadata research, the average... The post Scottish House Prices Continue To Rise Due To Shortage of Stock appeared first on Home Report...

    House prices across Scotland continue to rise in, though at a more modest pace according to the latest regional property index.

    The latest index from Your Move showed that property prices north of the border increased by 3.3% annual in August.

    According to Acadata research, the average price of property in Scotland is now £180,310.

    The increase in house prices is slowing in Scotland, with the annual price rise being substantially below the 5.5 % increase seen at the beginning of 2018, and the 7.6 % peak recorded in March.

    The figures on a monthly basis showed a decreased of 0.2% in Scotland, when compared to July’s index. However, despite this slowdown, there still remains pockets of significant growth in Scotland. Edinburgh and Glasgow continue to show strong annual house price growth with increases of 3.1% and 5.9% respectively.

    Despite this strong growth in Edinburgh and Glasgow, it was outpaced by annual house price inflation in Inverclyde (12 %) and West Dunbartonshire (10.4%).

    Your Move highlighted that house price growth in Scotland continues to outstrip that of England and Wales this year and that the key finding from their latest index is the lack of stock now coming onto the market.

    According to the latest RICS survey, new vendor instructions in Scotland are the lowest in the UK after Yorkshire and the Humber.

    The lack of property for sale in Scotland is undoubtedly helping to sustain the level of increased property sale prices, but also means that the volume of transactions is low.

    From January to May this year, when house price growth was more resilient, ONS data shows sales volumes were down 9% compared with the same period in 2017 putting them at the lowest level since 2013.

    Your Move’s Scottish managing director, Christine Campbell says: “Edinburgh and Glasgow are the foundation of the Scottish property market, and the evidence to date suggests that this foundation is strong. The problem is however that most homeowners seem in no hurry to put their properties onto the market, and we’re seeing a significant shortage of stock.

    When they do come to the market, however, they sell fast so demand is still there, with Leith, for example, being a real hotspot. With talks of a potential second Scottish referendum in the midst, this too could lead to even more price uncertainty as people sit tight.

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

     

    The post Scottish House Prices Continue To Rise Due To Shortage of Stock appeared first on Home Report Company.


    Costs of selling a house

    There are a number of costs and fees incurred when selling a house that you’ll need to factor into your budget when selling your home in Scotland. It’s best to work out costs involved prior to selling so that there are no nasty surprises further... The post Costs of selling a house appeared first on Home Report...

    There are a number of costs and fees incurred when selling a house that you’ll need to factor into your budget when selling your home in Scotland.

    It’s best to work out costs involved prior to selling so that there are no nasty surprises further down the line. If you are buying and selling around the same time, costs will obviously be higher, so work out costs involved for both before-hand.

    Home Report

    Home Reports were introduced in Scotland in December 2008. Sellers are required to provide a Home Report to buyers or potential interested parties. The Scottish Home Report includes three separate documents; a Property Questionnaire; a Single Survey; and an Energy Performance Certificate (EPC).

    Estate Agent Fees

    Estate agency fees can range from below 1% up to 3.5%, depending on the value of the property, and your location.

    The estate agent charges usually include the following services

    • Valuation – This involves researching the local market, looking at trends and past sales data. This then need formatting into a comprehensive report.
    • Floor plans, measurements and photographs.
    • Write up on your property to entice potential buyers
    • The installation of a for sale sign.
    • The organisation of viewings via telephone and online enquiries
    • Cost of viewing
    • Marketing the house on the internet
    • Newspaper marketing
    • Negotiation costs
    • Other costs – estate agency office rental, fleet cars and general advertisement

    Conveyancing Fees

    You’ll normally need a solicitor or licensed conveyor to carry out all the legal work when buying and selling your home. Legal fees are typically £850-£1,500 including VAT at 20%. They will also do local searches, which will cost you £250-£300, to check whether there are any local plans or problems.

    If you’re buying and selling a property at the same time your conveyancing fees will be higher, as your conveyancer will need to carry out work for both transactions.

    LBTT (Land & Buildings Transaction Tax)

    Land and Buildings Transaction Tax (LBTT) is the Scottish equivalent of stamp duty and is payable on properties costing over £145,000, or £40,000 for second homes and buy-to-let properties.

    Like stamp duty, it’s tiered, so the amount you pay depends on the price of the property. For second homes and buy-to-let properties, an additional 3% is payable.

    Removal Costs

    If you are moving to a new home don’t forget to factor in moving costs. The cost will vary depending on how much you are moving and how far you are moving. Get two or three quotes and look at customer reviews to choose the most suitable removal firm for your needs.

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

    The post Costs of selling a house appeared first on Home Report Company.


    Property Market Sept ’18 – Edinburgh & the Lothians

    There are signs that in Edinburgh and Lothians that the property market has started to cool slightly after an amazing summer. This is likely due a combination of factors including an unusually hot summer and schools back after the summer holidays. However, levels of activity... The post Property Market Sept ’18 – Edinburgh & the Lothians appeared first on Home Report...

    There are signs that in Edinburgh and Lothians that the property market has started to cool slightly after an amazing summer. This is likely due a combination of factors including an unusually hot summer and schools back after the summer holidays.

    However, levels of activity did return to a healthy, normal level in early September with buyer demand significantly outstripping supply of properties coming to market and we imagine there will be a very strong last few months of the year.

    During the second half of last month, there was a huge increase in the number of properties coming onto the market compared with August. While we expect throughout December, the number of properties coming for sale will decrease naturally for the time of year, we anticipate that October and November will be strong with a huge amount of pent-up buyer demand waiting to take advantage of sellers bringing their properties to the market. The number of homes available for sale should be higher than we saw at the end of 2016 and 2017, giving buyers a little more leverage in negotiations than they have had recently.

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

    The post Property Market Sept ’18 – Edinburgh & the Lothians appeared first on Home Report Company.


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