A downturn in the number of houses for sale, combined with steady demand from buyers, created a sellers’ market in the Highlands and islands last year, according to new estate agency figures.
The sales slowdown saw the total value of properties sold by Highland Solicitors Property Centre (HSPC) in 2017 drop to £195million from an eight-year high of £199million in 2016.
The Inverness-based firm, which has the largest share of the area’s property market, said that, in common with most of the rest of Scotland, a mix of “post-Brexit reservations” and other economic and political factors had contributed to the lower volume of properties becoming available.
But it added that an end-of-year surge had seen the number of houses registered for sale in December soar by 40% compared to the same month in 2016. The number of properties sold during the month also rose 25% year-on-year.
HSPC manager Sarah Woodcock said that with fewer properties available, sales during 2017 had turned over at a faster rate than previous years. No areas across the region stood out in terms of activity, with all showing the “same trend of steady sales, but low volumes of properties coming to the market”.
In total, the company, which represents around 34 solicitor estate agents, sold 1,061 properties last year, compared to 1,173 the previous year. The average selling price increased by more than £7,500 over the period from £170,359 to £177,924.
Ms Woodcock said: “Last year the low volume of registrations meant it was hard to satisfy levels of interest and this, in turn, meant time to sell shortened as buyers had less choice. HSPC’s market share continued to be the highest in Highlands through 2017.
“The market remains a sellers’ market with buyers often taking longer to find their ideal property and acting quickly to offer when they do – due to decreased numbers selling. Whether this picture of low insertions and stable, relatively quick sales will continue is hard to say. Hopefully, confidence will start to return with more people wanting to sell and meeting the demand of potential buyers.
“It’s very positive for HSPC that during a slower year we continue to lead the market and solicitor firms remain at the front of Highland estate agency providing excellent, affordable expertise and care for their clients’ property sales.”
