AN EASING of extremes in house prices across Edinburgh is unlocking new opportunities for people to step up the property ladder.
That’s the view of Simon Donaldson, an experienced property professional who recently started a new role at city solicitors and estate agents Lindsays. He says demand for houses across the capital continues to outstrip supply.
And, as property prices have stabilised from the unprecedented highs seen around the Covid-19 pandemic, he says that has given some increased confidence about making their next move.
Mr Donaldson said: “We are now in a situation where many of the big premiums over valuation are gone, and lots of properties are moving at or around their Home Report valuation. For those who are both buyers and sellers, it is still a game of swings and roundabouts – but this is a much more predictable and manageable version of the game.
“It is far more tradeable now – a much more balanced market for buyers and sellers – than we have seen in recent times. While demand continues to outstrip supply across the city, the signs are that we will see more homes coming to the market in the weeks and months ahead.
“In many cases we are seeing people who previously felt locked out of making a move coming to the market because it’s now more certain. Working with their solicitor estate agent, they can more accurately forecast what they might get for their current home and what they could then afford next.
“Getting the valuation right is key. It manages everyone’s expectations.”
According to solicitor estate agency collective ESPC, four out of five properties on the market are achieving their home report value or higher.
Mr Donaldson, who has worked in Edinburgh’s housing market for 20 years and is a property manager at Lindsays, believes the market has also readjusted to cope with the higher rates of interest from lenders which began with former chancellor Kwasi Kwarteng’s emergency budget last year.
He added: “The important thing is that money is still available. And most buyers have had a chance to recalibrate since that mini-budget.
“They’re looking with more certainty about what they are likely to get for their current home, factoring in the higher interest rate and looking for their next home by factoring all that in – along with the fact that they are not likely to need to find the money to make an offer significantly above valuation.
“This is a reasonably good time for buyers and sellers in the Edinburgh market. Demand certainly continues to outstrip supply, so when people see a home that’s right for them, they are going for it.”