Tayside's property may be feeling the pinch of the credit crunch, but sellers pricing their own properties realistically could be more likely to cash in during the crunch, according to a leading estate agency.
Despite the downturn in mortgage approvals, Thorntons Property Services reported sales of more than 100 properties a month on average in 2008, and is optimistic that continued reductions in the cost of borrowings could encourage more buyers to the market this year.
George Solley, Director of Property Sales at Thorntons, said: "More sellers are starting to review their positions now and, as a result, we have seen a number of property prices fall across the marketplace as sellers come to terms with the downturn. Those who need to sell before they buy will be in a much stronger position if they re-think the asking price of their own home depending on how flexiblethey can afford tobe."
Although the volume of sales is down on 2007 at Thorntons in line with the overall market, there are a number of buyers who can still take advantage of the excellent stocks of both new and resale homes.
He added: "In the middle to higher endwe are seeing some considerable savings or incentives being offered on new build units. There are many attractive schemes appearing to assist those looking to move and unable to sell or finance the moves. Additionally, we've seen part exchanges, shared equity and 'try before you buy' rental schemes.
"Although the volume of property selling is undoubtedly 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.
"Even 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.
Issued by Beattie Communications on behalf of Thorntons Solicitors.
Contact: Kimberley Hamilton, Tel 01698 787878