Edinburgh Market Update Q1 2021
According to the ESPC, the property market in Edinburgh this year will be difficult to predict.
When lockdown was lifted on 29th June 2020, there was a huge flurry of action while sellers and buyers caught up on the lockdown period. The demand for property continued into November, at which point the market started slow, as it would normally around the run up to Christmas.
The good news is Mortgage lenders are re-introducing their higher loan-to-value mortgages, where 95% mortgages will be available, encouraging buyers to the market.
The First Home Fund is also starting up again in 2021, which will stimulate the lower end of the market, and have a positive knock-on effect to the mid to higher level properties, where those sellers will be able to move.
However, as things stand, the LBTT incentive will stop on 31st March 2021, so there will be a flurry of action up until this point. What happens after remains to be seen from the Government.
On a positive note, the Edinburgh property market has always remained buoyant during any previous slowdown. Additionally, our property buyers are still very active, and continue to buy any property in any condition, they are looking for property to buy and rent, or buy refurbish and sell. We are therefore very confident in keeping people moving during any tough times ahead.
If you are a property seller please fill in our form, and we will be in touch immediately.