ESPC: Scottish property market sees strong demand after restrictions are relaxed
The Scottish property market has seen a huge demand since the coronavirus lockdown restrictions have been eased, according to property firm ESPC.
From 29th June to 14th July 2020 (inclusive), ESPC has seen a 39 per cent year-on-year increase in the number of homes coming to market. Over the same period, property valuation requests were up 120 per cent compared to last year.
Between 29th June and 14th July 2020, web traffic sessions were up 75 per cent compared to last year. During this period, viewing requests and Home Report downloads were up 240 per cent and 71 per cent year-on-year respectively.
The number of closing dates which took place between 29th June and 14th July 2020 was up 36 per cent compared to the same period last year.
Lockdown restrictions meant surveyors couldn’t visit properties in order to produce Home Reports. This means that many sellers were waiting until restrictions were relaxed in order to bring their home to market.
When restrictions were relaxed on 29th June, guidance allowed for surveyors to visit properties. ESPC has therefore seen a marked increase in the number of homes coming to market in the last couple of weeks. From 29th June to 14th July 2020 (inclusive), there has been a 39 per cent year-on-year increase in the number of homes coming to market.
ESPC has also noted a significant increase in the number of property valuation requests in recent weeks. During the same time period, valuation requests were up 120 per cent compared to last year. A property valuation from an agent is typically the first stage of selling a property, so this indicates strong demand to sell property in ESPC areas.
Web traffic on espc.com has grown to exceed pre-COVID-19 levels. From 29th June to 14th July, there were over 1.3 million web traffic sessions on espc.com, up 75 per cent compared to last year.
There has also been a significant year-on-year uptick in viewing requests, Home Report downloads and schedule views. These are all indicators of buyer interest and we have seen unprecedented increases in engagement over the past couple of weeks.
During the same period, ESPC has received over 12,000 viewing requests, up 240 per cent compared to last year. Home Report downloads and schedule views were also up 71 per cent and 51 per cent respectively.
Since restrictions have relaxed, with more properties coming to market and people able to view them in person, there has also been an increase in the number of notes of interests and offers being made.
The increasing number of notes of interests has resulted in more closing dates being set, highlighting the strong demand to purchase property. From 29th June to 14th July, there was a 36 per cent increase in the number of closing dates for ESPC properties compared to last year.
Paul Hilton, CEO of ESPC, said: “In a couple of weeks since restrictions on house moves were relaxed, there has been a significant rise in buyer and seller activity, well-exceeding levels pre-COVID-19 in some cases.”