How is Edinburgh’s prime property market faring toward the end of Q2/2024? When you’re thinking of selling a period property, it’s important to consider two things: (1) what is the market doing right now, and (2) what are the predictions for the next few months? Understanding both of these aspects and working with a trusted real estate agent will help you make the best decisions for your Edinburgh period property.
A Look at the Edinburgh Prime Property Market Right Now
As we’re nearly at the halfway point of 2024, this is a good time to review how the year has panned out so far in terms of period property sales. Throughout Q1, we saw periods of strong market momentum, followed by quieter periods. The start to Q2 has also been very
encouraging with lots of viewings and offers, and properties selling relatively quickly.
This continues to be the case for prime properties. One of our recent properties went from being listed to setting a closing date within 12 days! Qualified buyers continue to look for prime period property in Edinburgh.
Recent changes to property lettings in Edinburgh may create more of a buyers’ market as the short-term lettings regime is introduced and the furnished holiday lettings allowance abolished. We believe the holiday lettings owners may look to sell with entry dates after the August festivals, although buyers may be a little more reluctant without an added incentive to invest.
What the General Election Means for Period Property Sales
Prime Minister Rishi Sunak’s announcement of a General Election on 4 July may have come as a surprise to some, but what does it mean for prime property sales?
To answer that question, let’s take a look at previous General Elections and assess their impact. In both 2015 and 2019, when David Cameron and Boris Johnson respectively won elections for the Conservatives, the market remained relatively steady, with activity increasing during and after the elections. More importantly, the market enjoys a strong boost of buyer momentum for the following coupleof months.
This momentum is fuelled by the perception of a higher level of ‘certainty’ a new government offers. The obvious differentiator in this upcoming election are the likely winners. Labour are well ahead in all of the polls and look likely to be in No. 10 come 5th July. This could skew the figures somewhat.
We’d expect the biggest impact of this prediction to be seen before the election, i.e. right now! We anticipate general housing market activity to be subdued initially, but with a corresponding boost of buyers following election day – which offers sellers like you an excellent opportunity.
What to do if Your Property is Not Selling
Has your Edinburgh period home been on the market for a while without attracting the right buyers? Let us help you!
We believe that period properties like yours deserve a tailored marketing plan that helps you attract qualified buyers fast. Get in touch to receive our 6-step action plan to relaunch your property sale right now!
