Home Inverness colorado housing The buoyant property market in Inverness is experiencing rapid turnover, agents report

The buoyant property market in Inverness is experiencing rapid turnover, agents report

The housing market in the Highlands is buoyant, estate agents say.

A buoyant property market in Inverness is leading to a lack of stock amid rapid house turnover, agents have reported.

It comes as homes come up for sale and sell out within a week in the area, with many exceeding the asking price.

The housing market is vibrant in the Highlands with a rapid turnover of properties, says Duncan Chisholm, sales manager for Munro and Noble in Inverness.

He said: “Property turnover in the area is very fast. Sometimes they sit down, but now they turn around in a week.

Figures for the Inverness area on Home.co.uk show that in April 2021 the average time for homes to sit on the market was 165 days compared to April 2022 with the average time for a home to sit now at 86 days.

“There is a stock issue which is radically different from other places like Aberdeen where properties are struggling to sell,” Mr Chisholm explained.

Most homes are above the asking price in general, but Chisholm said there is no rule of thumb when it comes to pricing.

“He’s exceptionally busy, which is good for business.”

Karine MacRae, director of Tailor Made Moves in Inverness, also found they were running out of stock, the busiest year in their history.

She said: “There is a shortage of stock, and the ones we have are going for silly money.

“We are now getting homes for over £50,000 above valuation.”

She said that makes it difficult for first-time buyers to enter the market because they can get the money for a mortgage but have to pay extra because the houses are going so fast.

Inverness’s housing market has performed better than before the lockdown, with many people changing their working and living habits.

Faisal Choudry, director of residential research in Scotland for Savills, said the Inverness market is doing better than before the pandemic.

“People want more space, amenities, services and job opportunities,” he said. “People wanted to move to the countryside at the start of the pandemic, but now they want to move back to the cities.”

In the 12 month period from March 2021 to February 2022 there were 1,960 property sales in the Inverness area with the average house price at £213,683.

By comparison, there were 1,854 transactions in the last full year of pre-Covid sales in the period March 2019 to February 2020 at an average price of £194,333.

More new build is also sold in Inverness than is generally the case in the whole of Scotland.

For new build in the Inverness area, over the period March 2021 to February 2022 there were 429 sales at an average price of £253,083.

Mr Choudry said: ‘Twenty-two per cent of house sales were new build over this period, compared to 13 per cent overall across Scotland.’

Tulloch Homes is one of the leading developers of new builds in Inverness – and it has four developments underway in and around the area, with more in the pipeline.

Almost half of homebuyers at Tulloch Homes’ Inverness developments over the past five months have come from out of town, with lifestyle changes fueling population growth.

Jo McLaren, director of sales and marketing for Tulloch Homes, reports that demand remains exceptionally high.

She said: “A survey from January 2021 to present shows that 49% of shoppers came from outside postcode areas IV.

“This statistic highlights that the demand for quality accommodation in Inverness is not slowing down. More and more people see this beautiful region as a relocation opportunity, with attractive lifestyle options.

“This growth in popularity is great for the local economy.”

Ms McLaren added: “We are proud to have delivered stunning homes to the people of Inverness for generations – now we are equally happy to help new families put down roots in the area.”

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