Tayside's property may be feeling the pinch of the credit crunch but competitively priced homes are still shifting despite the downturn in mortgage approvals, according to a leading estate agency firm with branches throughout the region.
Thorntons Property Services sold, on average, more than 100 properties a month in 2008 amid the persistent negative industry coverage in the media.
Experts from market leaders Thorntons believe that although sales are down on 2007, there are a number of buyersin the market who can take advantage of the excellent stocks of both new and resale homes.
George Solley, Director of Property Sales at Thorntons, says "Although there are plenty of potential buyers, limited mortgage availability is holding the number of sales back. However , that said , the reduced cost of borrowings has helped bring more buyers to the market "
He continued: "At a time when people are subjected to endless reports about the state of the property market it is important that we put things into perspective.
"Although the volume of property selling is undoubdtedly reduced in our branch locations, it still leaves a good number of sales as comparison is being made against the exceptional highs of 2006/2007.
" Set against this, our branch network in Tayside still achieved more than 1,200 sales in 2008 – a major share of the property market in the region.
"We will wait and see what the remainder of 2009 brings, but the continued reductions in the cost of borrowings should encourage even more buyers to the market.
"However, the availability of adequate mortgage finance to those who need to borrow high percentages of the purchase price will continue to suppress the volume of buyers we need in order to see any significant upturn in activity."
Issued by Beattie Communications on behalf of Thorntons Solicitors.
Contact: Kimberley Hamilton, Tel 01698 787878