Stock of property sales in Scotland up 40%…

Agency sales stock has improved by almost 40% in parts of Scotland over the past month, according to new research.

Analysis by Scottish agency brand DJ Alexander found that the number of properties advertised for sale north of the border has increased by almost 40% in some areas.

His research found a 38% increase in Dundee between September and October 2022, while sellers in Inverness jumped 20%.

Glasgow had more properties advertised for sale in October than at any time since December 2020, while Edinburgh had the highest number since November 2021, according to the research.

Dundee and Inverness both had the highest number of properties for sale since August 2021.

David Alexander, managing director of DJ Alexander, said: “It was expected that after the disastrous Truss/Kwarteng tax event, many door-to-door sellers would run for the hills following the market reaction.

“Yet here we are almost two months later, and the market has widened considerably with a significantly higher volume of homes for sale than in recent months.

“It may still be a reaction to this event, as many may have been keen to sell quickly to take advantage of rising house prices before the financial impact of the tax event sets in. impact on the housing market.But it is clear that there has now been considerable stabilization in the housing sector since Jeremy Hunt became Chancellor and Rishi Sunak Prime Minister, so perhaps the expected negative impact on the market could be lower than expected.

Alexander said an increase in the number of available properties could have a price slowdown anyway and suggested the recent Bank of England base rate hike is likely to further cool the market.

He added: “No one would deny that the housing market needed to cool down after two and a half years of very strong gains, so a correction was always welcome if we are to have a stable and prosperous housing sector.

“I think the first reaction after the Kwarteng tax event was to panic. But people shouldn’t panic, the markets have already done that, and they should sell their property when they want to, but not to panic. feel obligated because of any attempt to anticipate or divine a potential future decline in property prices.

“When you try to beat the real estate market, it almost always ends badly. Better to step back, see what the fall statement says and the market’s reaction to it, and then see if the time is right to move or stay put.

Location September 2022 October 2022 % Difference
Dundee 182 252 +38%
Inverness 153 183 +20%
Glasgow 2060 2251 +9%
Edinburgh 1498 1609 +7%
Perth 172 171 -1%
Aberdeen 2695 2649 -2%