Media Release: Property sales still above average in Edinburgh, says leading solicitor

ONE of Edinburgh’s leading solicitor estate agents has reported a rise in the number of weekly property sales it has carried out over the past four months.

Warners, which is the leading property solicitor in terms of property listings, property sales and total sales value in the ESPC, has revealed that due to new home buyers entering the market, it has seen its sales figures rise from a summer low of just seven per week to a new high of 13.

The figures show that, over the past six weeks, the firm has carried out a total of 66 estate agency sales – with the number of sales remaining steady at between nine and 13 per week. In 2007, Warners sold 125 properties during the same six-week period.

And the number of weekly sales is considerably above the current UK average, which the Royal Institution of Chartered Surveyors recently estimated stood at just one sale every week per estate agency.

Warners said that, although their figures were around 50 per cent lower than the same period last year, they show that there are plenty of people who have not been put off from buying property in the Capital despite the economic downturn.

Scott Brown, estate agency partner with Warners, said that many buyers in Edinburgh were continuing to look for homes despite the credit crunch, as they are more likely to secure a property for below its fixed price value.

He added: “With all the negative reports about the state of our property market, the common perception is that there’s nobody buying homes at all at the moment, but this isn’t true. Many people are finding that, as long as they are realistic about how much they think their properties are worth, they are able to sell and make their next move up the property ladder.

“Recent figures from the ESPC have also shown that around 75 per cent of fixed price properties are being sold below their advertised price and, as there’s less competition for properties, buyers are realising that they can get their first-choice home at a potentially bargain price.”

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