Houses Selling like Hot Cakes as Property Market Rises; DEMAND OUTSTRIPPING SUPPLY IN SCOTS BUYING FRENZY

Daily Mail (London), October 22, 1999 | Go to article overview

Houses Selling like Hot Cakes as Property Market Rises; DEMAND OUTSTRIPPING SUPPLY IN SCOTS BUYING FRENZY


Byline: IAIN LUNDY

SOME properties in Scotland are selling within 24 hours of going on the market at well over the asking price, a survey revealed yesterday.

Estate agents and solicitors say the stability of interest rates and the 'Scottish parliament effect' are among the reasons leading to all sorts of market records being broken.

Other factors cited for the property boom were an increase in inherited wealth, a perceived high quality of life, and the fact that demand is far outstripping supply.

One two bedroomed flat near Edinburgh city centre went on the market last month at offers over [pounds sterling]77,000, and was sold less than 24 hours later for [pounds sterling]100,000.

Estate agent Richard Eglinton said: 'It just seems to be a house buying frenzy. We have been getting fantastic prices.' Mr Eglinton, of estate agents McKay and Norwell, said bungalows had gone on the market at [pounds sterling]190,000 and sold within one or two weeks for [pounds sterling]100,000 more than the asking price.

A report by estate agents Bradford and Bingley highlighted the Bishopbriggs area of Glasgow as the fastest selling area in Scotland, with houses on the market for an average of one week before a sale is concluded.

Also popular are the Clarkston, Candleriggs and Shawlands areas of the city, and Ayr and Largs in Ayrshire.

Michael Luck, regional director of Bradford and Bingley, said: 'We are experiencing a bottleneck.

'The market is active with homes selling faster than ever before, and a shortage of properties is pushing prices up, but in general people are still nesting, not investing.' Mr Luck added: 'We are not back to the boom and bust of the late Eighties, where the volume of homes on the market was at a record high.

'Now remains an excellent time to move, in the confidence that you can quickly find a buyer at the right price. …

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