Lindsays complete homes deals worth almost £180m
The post-lockdown house-move boom has seen Scottish law firm and estate agent Lindsays defy disruption to record a rise in the number of homes sold in the past 12 months.
Sales by its residential property division rose by 4.26% in the last financial year, with homes valued at a total of £177.3 million changing hands through the team.
That is despite the house moving industry being close to dormant for almost three months at the peak of the pandemic through restrictions to slow the spread of the virus.
But the market bounced back in unprecedented style - with £100m-worth of sales recorded between August and November alone.
Maurice Allan, managing director of residential property at Lindsays, said: “There’s no doubt that many people used the first lockdown as an opportunity to think about where they wanted to live - and were quick to react when restrictions eased in the summer. In 20 years in the property industry I have never experienced such intense interest as when we worked our way through that bottleneck.
“Had anyone told us this time last year that we would be recording an increase in sales when compared to 2019-20 I would have struggled to believe them. But that only goes to show the strength of Scotland’s housing market currently.
“Strong buyer demand, coupled with a slight shortage of available property, has created a really competitive market throughout the past year.
“To be able to record a rise in sales in a year that included three months of what was a near shutdown of the industry is quite remarkable. We’re incredibly proud of what the team has been able to achieve for our clients.”
Lindsays’ residential property team also carried out 6.2% more property valuations in the 2020-21 financial year, compared to the previous 12 months.
Demand is particularly high for homes with gardens or other outdoor spaces, with buyers also looking for properties that allow for dedicated home working space.
In Edinburgh, the firm reported a near nine per cent rise in sales on the year, with values achieved totalling £102.5m.
The remaining near £75m of other homes sold were in Tayside - with the numbers sold level on the year, highlighting the steady nature of the regional market.
Mr Allan added: “Demand remains robust and the market for houses in particular is buoyant.
“The financial consequences of Covid-19 are unlike anything we have seen before in the fact that lenders are still making money available to borrowers - and that the Government is encouraging them to - despite the wider challenges in the economy, something we have not experienced in previous periods of uncertainty. That continues to be good for the property market.”
Lindsays staff conducting viewings do so within Scottish Government rules over social distancing and hygiene requirements. Guidance documents are shared with viewers and sellers. Before an in-person viewing can take place, all prospective purchasers first take part in a virtual viewing of a property, generally via a video tour.