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Warners is supported by Holyrood Partnership PR in Scotland

Warners is supported by Holyrood Partnership PR in Scotland

Edinburgh’s leading property solicitor has recorded its best sales figures for more than a year, after selling 72 homes across the Capital in just 5 weeks.

Warners, which is the top property solicitor in terms of property listings, property sales and total sales value in the ESPC, revealed that due to new home buyers entering the market, it has seen its sales figures soar to their best level in 12 months.

The firm sold an average of 14 properties per week over the past five weeks – a figure which has been hailed as an encouraging sign for the city’s property market.

You can read the full story at the Holyrood Partnership PR in Scotland website.

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ELPG member firms supported by Holyrood Partnership PR in Edinburgh

ELPG member firms supported by Holyrood Partnership PR in Edinburgh

House hunters should be looking to secure a new home at a bargain price before house values start to rise and encourage other would-be buyers back into the property market.

The ELPG group of leading property solicitors says that, as the property market will be the first area to recover from the effects of the recession, house buyers have a limited time to purchase a home at a knock down value and face less competition for properties.

The group, which consists of Warners, Neilsons, Drummond Miller, Leslie Deans & Co and the Lints Partnership, highlights that the property market has historically been the first area to recover during previous recessions in the UK.

You can read the full story by visiting our dedicated client page or following the link to www.holyroodpr.co.uk.

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Members of the ELPG`

Members of the ELPG`

Property sellers whose homes have been on the market for a number of months should consider radically changing their marketing strategies if they are to move along the property ladder during the summer months.

The ELPG group of leading property solicitors says that many sellers who have had properties on the market for up to a year are being disheartened by the lack of interest from buyers. It adds that these sellers should be thinking more creatively about how to market their home, in order to turn their fortunes around.

The group, which consists of Warners, Neilsons, the Lints Partnership, Leslie Deans & Co and Drummond Miller, has unveiled a list of the best tips for sellers to follow in order to improve their changes of securing a sale and taking their next step along the property chain.

You can read the full coverage on the dedicated news site at Holyrood Partnership PR in Edinburgh.

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Edinburgh and Lothians Property Group

Edinburgh and Lothians Property Group

Scotland could be the first area to recover from the ongoing slowdown in UK property markets, according to a group of leading solicitor estate agents.

The ELPG group has highlighted recent statistics showing that property sales are rising in Edinburgh as an indication that Scotland is in place to lead to the UK’s property revival.

Figures from the ESPC have shown that property sales have risen by around 50 per cent in the Capital, from 99 sales to 142 between mid-September to mid-October.

One ELPG member, Warners, has also revealed it is currently selling around £2 million of properties per week – twice as much as it sold during the summer.

The ELPG believes that, because of the statistics and the fact that better mortgage deals have become available and conditions are more favourable for first-time buyers, Scotland is in a better position to recover quickly compared to the rest of the UK.

The group, which is made up of five of the leading solicitors from Edinburgh and the Lothians, argues that the Scottish property market is unique from the English system as it uses missives  rather than a “subject to contract” procedure – meaning each transaction on the property chain is insulated from the next and so removing the risk of a series of deals all falling down at the same time.

And they add that that, if more first-time buyers become attracted by the wider availability of mortgages and the ability to secure a home for below its fixed price, it could help Scotland lead the way to a recovery in the property market.

ELPG member Leslie Deans

ELPG member Leslie Deans

Leslie Deans, senior partner of ELPG member firm Leslie Deans & Co, said:  “Things are now considerably better than they were six weeks ago. Liquidity and the flow of fund have improved and it is a lot easier for people to get mortgages, as there are a lot more deals around than there were.

“Although the days of 100% mortgages are gone, more lenders are back to offering 90% mortgages and as the bank base rate has dropped again, it had made buying a house even easier.

“Even those people without a deposit can receive help through the government’s LIFT scheme or look to go into co-ownership with friends, family or the ‘bank of mum and dad’, so it is a very good, and affordable, time to buy.”

Recent figures from the National Association of Estate Agents has shown that sales from first time buyers have increased from 8.3% to 9.5% between August and September of this year.

Statistics from the Edinburgh Solicitors Property Centre (ESPC) have also shown that 75 per cent of fixed price properties have been sold for less than the fixed price, making buying a property an increasingly attractive proposition for first-time buyers.

Now the ELPG group, which consists of Warners, Neilsons, Drummond Miller, the Lints Partnership and Leslie Deans & Co, has advised first-time buyers to take advantage of the chance to secure their first-choice property at below its fixed price, as many sellers are waiting to receive offers before purchasing and there is a higher choice of properties to choose from.

Scott Brown, Estate Agency Partner with Warners, said: “Forward thinking sellers are prepared to consider lower offers because they know that they are then free to offer reduced prices further up the market in order to compensate for the drop they take on their sale.

“Recently, we have seen house prices dropping for the first time since ESPC records began and they are currently standing at an average level of around 10% less than their height in the third quarter of 2007. And, as there is a far greater supply of properties than demand, it means there’s more chance you will get your first-choice home at a bargain price if you buy now.

“However, it’s likely a tipping point could be reached soon that would lead to a surge in demand and immediately create more competition for homes and drive prices back up.

 “The respected Centre for Economics and Business Research predicts that in the UK after price falls, house prices will surge by 2011 wiping out recent falls. This will create a substantial profit for buyers prepared to enter the market now.

“If you had been buying this time last year, when the market was at its peak, you would have been competing against a dozen other people and would have had to pay well over the asking price to secure your first-time property. Now not only are you very likely to be able to secure your first choice property, you may well be able to secure it at below the fixed price.

“The market is down at the moment but that will not last forever and with the Bank of England recently dropping interest rates by 1.5%, the question of whether to buy or rent becomes obvious. Rents in Edinburgh are increasing whilst the cost of your mortgage is likely to fall very quickly in coming months.

“If first-time buyers enter the market now, it will cause a domino effect along the property chain by freeing up the sellers of entry level properties and allowing them to make their next move along the ladder.

“Each first-time buyer purchasing a home could potentially spark a succession of transactions further up the chain, which could ultimately lead to Scotland’s property market recovering before the rest of the UK does.”

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Scott Brown, estate agency partner at Warners

Scott Brown, estate agency partner at Warners

Read the full story in The Scotsman here: http://news.scotsman.com/scotland/Warners-upbeat-despite-sales-slump.4675942.jp

Edinburgh’s leading solicitor estate agent has reported a rise in the number of weekly property sales it has carried out over the past four months.

Warners, which is the leading property solicitor in terms of property listings, property sales and total sales value in the ESPC, has revealed that due to new home buyers entering the market, it has seen its sales figures rise from a summer low of just seven per week to a new high of 13.

The figures show that, over the past six weeks, the firm has carried out a total of 66 estate agency sales – with the number of sales remaining steady at between nine and 13 per week. In 2007, Warners sold 125 properties during the same six week period.

And the number of weekly sales is considerably above the current UK average, which the Royal Institution of Chartered Surveyors recently estimated stood at just one sale every week per estate agency.

Warners said that, although their figures were around 50 per cent lower than the same period last year, they show that there are plenty of people who have not been put off from buying property in the Capital despite the economic downturn.

Scott Brown, Estate Agency Partner with Warners said that many buyers in Edinburgh were continuing to look for homes despite the credit crunch, as they are more likely to secure a property for below its fixed price value.

He added: “With all the negative reports about the state of our property market, the common perception is that there’s nobody buying homes at all at the moment, but this isn’t true. Many people are finding that, as long as they are realistic about how much they think their properties are worth, they are able to sell and make their next move up the property ladder.

“Recent figures from the ESPC have also shown that around 75% of fixed price properties are being sold below their advertised price and, as there’s less competition for properties, buyers are realising that they can get their first-choice home at a potentially bargain price.

“Earlier this year, we had weeks were we were only selling seven or so properties and the total value of those weekly sales was dipping under £1 million. However, over the last six weeks, we’ve been recording between nine and 13 sales a week worth around £2 million, which is very pleasing.

“Although we are still experiencing the effects of a slowdown in Scotland’s property market, it’s good to see that there are buyers and sellers with enough confidence to make a property sale. Many people are realising that, even if they sell their home for less than they expected to, they will be able to make a saving on their new property and will not lose anything by trading up.

“Our figures also show that, although we are down on the number of sales we had at this time last year, there is still a lot of activity in the market. People still want an investment that is tangible and relatively safe and property in Edinburgh offers that.

“It’s clear that this message is still being heard by buyers and sellers in Edinburgh who have not been put off from entering the property market. They understand that the current climate represents a good opportunity to buy at a good price before the prices generally start moving back up.

“Our advice is, if people do want to sell, they should find a proactive agent that will be honest and realistic about their sales price and not just give an inflated figure they want to hear. Buyers should also be aware that we are still offering the same proactive, quality, value for money service that we have always done and that is being reflected in these figures.”

Warners, which has four property shops in Edinburgh and Lothians, has been the leading property solicitor in terms of property listings, property sales and total sales value in the ESPC for the past nine years.

The new figures come just weeks after it was revealed that property sales in Edinburgh had climbed by almost 50% in just one month. The stats, from the ESPC, showed an increase in weekly sales from 99 sales to 142 from mid-September to mid-October

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