Media Release: Record enquiries point to growing pent-up demand for Highland property

THE latest report by the Highland Solicitors Property Centre shows continuing growth in the number of enquiries being handled by the centre.

During May, HSPC received a record number of enquiries through its website – up 46 per cent on the same period last year.

However, this unprecedented level of interest is not yet being converted into sales.

Reflecting the position throughout the country, financial uncertainty and tight mortgage supply are continuing to holding back this pent-up demand.

The HSPC figures show that the average house price in the three months to the end of May was £162,417 – down five per cent on the figure for the same period in 2010.

Total sales have also been squeezed and, for the same three-month period, sales were were down 25 per cent compared to 2010.

However, as with any situation where supply exceeds demand, some properties are still selling. With interest running at such a high level, potential buyers who are in a position to commit, are eager to purchase.

The current record levels of enquiries at the HSPC also bodes well for the future.

As financial confidence returns and the mortgage supply eases, HSPC expects to see this pent-up demand being translated into sales.

Meanwhile, those who are in a position to buy, have a record selection of properties in the Highlands to choose from.

This is a classic buyer’s market and, during May, the number of properties on the HSPC register had increased by a third compared with 2010.

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