Scotland’s property sale stock up 40%

Agency sale stock has improved by almost 40% in parts of Scotland over the past month, new research claims.

Analysis by Scottish agency brand DJ Alexander has found the number of properties advertised for sale north of the border has increased by almost 40% in some areas.

Its research revealed a 38% increase in  Dundee between September and October 2022, while there has been a 20% jump from Inverness sellers.

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, according to the research.

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.”

Alexander said an increase in the number of properties available may have a softening on prices anyway and suggested it is likely that the recent Bank of England base rate rise will cool the market further.

He added: “Nobody would deny 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.

“I think the initial reaction after the Kwarteng fiscal event was to panic. But people shouldn’t panic, the markets have already done that, and 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.”