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House hunters should be taking advantage of the current turbulant market conditions to secure a property, according to one of the country’s leading solicitor-estate agents.

Scott Brown, Estate Agency Partner with Warners, believes that would be buyers – particuarly first time buyers with access to funds - should be making an offer for their dream home now rather than making the mistake of waiting for the economic climate to improve.

Despite property markets remaining steady and house prices continuing to rise in some areas, Scott says the slowdown has seen the emergence of more sellers than buyers in Scotland.

But that’s created an ideal climate for buyers to enter the market, as there are fewer competitors to bid against for properties and sellers are more willing to negotiate over price.

Scott said: “We are very much in a buyers’ market which is great news for anyone on the hunt for a property. 

“As long as you can afford the asking price, it makes sense to look to buy just now. There is less competition for properties, you have a wider choice and there is a chance to negotiate price or terms with sellers.

“Previously, buyers would have to compete against each other and it would drive the price up, as each would be looking to put in a higher offers-over price. These days, there are more fixed price homes and more people selling than buying, so it is an ideal time to explore the market – especially for first-time buyers.”

Scott said that despite the ongoing credit crunch and reports that the housing market is in decline, owning property remains a high priority for many people _ and should still be seen as a solid investment.

He said: “Property prices are still rising – especially in Edinburgh – and there is absolutely no reason to think that in the long run a home will not substantially increase in value.  It is also far better to start paying into a mortgage now than it is to spend money renting a property while you wait for the economic climate to improve.

“If you have a deposit in place and you can afford to buy, our advice is to do so before the credit crunch disappears and the housing market gets back to full strength. That way you have the chance to secure a property that you really want to purchase rather than go back to the times when you have to compete against many other buyers for a less desirable one.”

Scott added that sellers, who are being badly affected by a stagnant market caused by a lack of buyer activity, can also benefit by the trend.

He said: “Our advice to sellers is to be realistic.  They have to realise that the slowdown means they likely will not secure the price they would have expected for their property say 12 months ago.  But measured over the last five or ten years, it will still be a significant gain.

“And of course for any seller who is looking to buy, they will likely find they in turn can secure that next house for less. That’s the ‘trading-up’effect where you sell for less but also likely buy for much less, so still gaining from the property market.”

Warners, who has four property shops in Edinburgh and Lothians, has been the leading property solicitor in terms of property listings, property sales and total sales value in the ESCP for the past nine years.

ENDS

Issued on behalf of Warners by Holyrood Partnership. For more information contact Adrian Mather on 0131 561 2241 or info@holyroodpr.co.uk