The number of properties advertised for sale in Scotland has increased by nearly 40% in parts of Scotland, according to DJ Alexander.
Market analysis by the estate agency found that the number of properties advertised has increased by 38% in Dundee between September and October 2022; up 20% in Inverness; 9% higher in Glasgow; and 7% greater in Edinburgh. Perth and Aberdeen both recorded very small decreases of 1% and 2% respectively.
Glasgow had more properties advertised for sale in October than at any time since December 2020 while Edinburgh had the greatest number since November 2021. Dundee and Inverness have both had the highest number of properties for sale since August 2021.
David Alexander, chief executive of DJ Alexander, said: “There had been an expectation that after the disastrous Truss/Kwarteng fiscal event that many house sellers would have run for the hills following the reaction of the markets. Yet here we are almost two months later, and the market has expanded considerably with a substantially greater volume of homes for sale than in recent months.
“It is perhaps still a reaction to that event as many may have felt like selling quickly to capture higher home prices before the financial impact of the fiscal event fed through to the housing market. But it is clear that there has now been a considerable stabilising of the property sector since Jeremy Hunt became chancellor and Rishi Sunak prime minister so perhaps the expected negative impact on the market may be softer than previously anticipated.”
“However, an increase in the number of properties available may have a softening on prices anyway and it is likely that the recent base rate rise will cool the market further although some of the recent predictions seem a bit over the top. Nobody would dent that the housing market needed to cool after two and a half years of very large gains, so a correction was always to be welcomed if we are to have a stable and thriving housing sector.”
Alexander thinks the initial reaction after the Kwarteng fiscal event was to panic. But people should not panic in his view as the markets have already done that.
He added: “They should sell their property when they wish but not feel compelled because of any attempt to pre-empt or second guess any future potential house price falls. When you try to outthink the property market it almost always ends badly. Much better to take a step back, see what the Autumn Statement says and the market reaction to it and then look at whether now is the time to move or to stay put.”
Number of properties advertised for sale
Location September 2022 October 2022 % difference
Dundee 182 252 +38%
Inverness 153 183 +20%
Glasgow 2060 2251 +9%
Edinburgh 1498 1609 +7%
Perth 172 171 -1%
Aberdeen 2695 2649 -2%
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