According to recent reports, house prices increased by more than 11% in the year to January 2022. Despite the pandemic and the unsettlement of the last two years, the property market is thriving.
If you want to buy a home now, there is no denying that buying a house is more expensive than 12 months ago. However this pattern has been trending for some time. Edinburgh in particular has always been somewhere that people want to live. Due to Covid, hybrid working and changing lifestyles, there’s even more demand now for houses with more space and bigger gardens, of which Edinburgh has plenty.
House prices could drop in 2022, but they have defied expectations and continued to rise over 2021, and it is expected that house prices will maintain their current strong levels. The property market has proven to be very resilient in challenging circumstances.
There is no crystal ball, therefore if you can afford to buy a home now, or you are looking to invest, you should bite the bullet rather than wait for a drop in prices that may or may not happen. When deciding on where to buy think about whether there is room for growth in the area and whether there are plans for new developments that could improve the local area. Local amenities and transport links are also important factors to consider when it comes to location.
Traditionally, March is a good time to buy a house when the days start to get longer and brighter. With lots of properties on the market you are more likely to find your perfect home and get the best deal. Sales tend to go through quicker too as people are often keen to complete and settle in before the summer.
Spring 2022 is expected to be a buoyant time for Scotland’s property market and a great time to buy or sell a property, no matter what dwelling type, so get your finances in order and start the ball rolling.