The number of properties advertised for sale in Scotland has increased by 83% in parts of Scotland, according to DJ Alexander Ltd.

The estate agency found that the number of properties advertised for sale has increased by 83% in Inverness in the period between August 2022 and August 2023; up 81% in Dundee; 45% higher in Edinburgh; 22% greater in Perth; 17% up in Glasgow; and 5% down in Aberdeen.

The greatest increase in the central belt is in the number of detached and semi-detached homes for sale. In Edinburgh detached and semi-detached homes advertised for sale were 99% and 116% higher and in Glasgow they were up 74% and 34% respectively. The picture across Scotland’s other cities was more evenly spread across different property types although Dundee had an increase of 128% in the number of detached homes for sale.

David Alexander, chief executive of DJ Alexander Ltd, explained: “Despite interest rates increasing 14 times since December 2021 the number of properties advertised for sale in Scotland continues to rise. Year-on-year our major cities are reporting double digit growth and, in the case of Inverness and Dundee, just shy of 100% more properties for sale than one year ago.”

“With an interest rate policy designed to slow down inflation by reducing demand in sectors like housing we are still seeing an overwhelming desire on the part of Scottish homeowners to keep on buying and selling.”

Alexander continued: “To put this in context the August figure is in the top four by volume of any month of the last 30 months. There still seems to be an enormous, growing desire to move home at a time when many felt the market would be much quieter.”

“Indeed, the biggest story remains in the detached and semi-detached types of property where the number of properties advertised is more than double the level it was a year ago. Edinburgh remains a hotspot with triple digit growth in volumes and prices continuing to rise across the city and specifically among larger homes. In Dundee, the figure for detached homes is 128% higher from a smaller base of sales while Glasgow is up substantially as well in this property type.”

He added: “There is little doubt that prices are softening across the whole market but by a small margin compared to the large increases experienced over the last three and a half years. That the number of properties advertised for sale remains so positive is testament to the faith of homebuyers in Scotland who clearly believe that any downturn in the market will be temporary, and it is not acting as a hindrance to their purchasing desires.

“There must be a calmer period in the housing market at some point but with strong employment levels, very high wage rises filtering through the economy, and an underlying faith in the strength of the housing market it seems unlikely that Scotland will experience any kind of substantial fall in the next year or so.”