Essentially the previously reported picture of tightening supply leading to upward pressure on prices continues.
In the 2nd quarter of 2018 in Scotland the total volume of residential property sold in Scotland fell by 6.8% compared to the same quarter in 2017, whilst the average sold property price rose by 2.9%.
There were important regional variations though. Comparing the same two quarters, in West Lothian the volume of property sold fell by only 0.2% whilst prices rose by 10.4%.
In Stirling volumes fell by 1.8%, whilst the average price rose by 4.1%.
Looking at how different property types have fared in Scotland as a whole, unsurprisingly we see the biggest negative impact on volumes of detached property sold, with fall 8.8% in volume. This fall in volumes is, in our opinion, not indicative of a lack of demand, but rather a reduction in the number of potential vendors bringing their properties to the market.
In summary, demand for well presented family homes remains strong and highly professional estate agency can have a significant positive impact on prices achieved for vendor clients.