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Properties advertised for sale up 75% in parts of Scotland

According to a leading firm, the number of properties advertised for sale in Scotland has increased by 75% in parts of Scotland. DJ Alexander Ltd, the most significant estate and letting agents in Scotland and part of the Lomond Group, found that the number of properties advertised for sale has increased by 75% in Glasgow comparing February 2022 with February 2023, up 37% in Perth; 34% higher in Edinburgh; 28% greater in Dundee; 25% up in Inverness; and 10% down in Aberdeen.

The number of properties for sale peaked in December 2022. Still, it remained substantially higher than last year, with the most significant increase in volumes among detached properties, with a year-on-year increase of 253% in Glasgow. The number of detached properties advertised for sale increased in most cities in Scotland increasing by 148% in Edinburgh; up 124% in Dundee, and by 114% in Perth, with Aberdeen and Inverness bucking the trend with relatively small increases in numbers.

David Alexander, chief executive of DJ Alexander Ltd, explained: “This may seem surprising that at a time when many are predicting a substantial downturn in the market, there should be such an increase in the number of properties advertised. This could be precise because many sellers expect price falls and are trying to sell before this occurs.”

“It could also be people anticipating a hike in their mortgage payments and selling before higher payments impact upon them. Of course, more properties advertised for sale at any one time usually result in lower prices as supply exceeds demand. Still, we are finding that the market remains very buoyant despite continued negative forecasts from the doom-mongers.”

David continued: “There may be a bit more realism among sellers about price setting, but there are still a lot of buyers in the market. This is undoubted because we have record levels of employment, clear signs that the projected recession will be less severe than anticipated, and that inflation appears to be falling already and will be substantially lower by the end of this year.”

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