Curtis Chisholm of Cochran Dickie gives his view on the property sector.
Uncertainty is the only word I can use to describe the country right now. Just when we thought we were seeing some stability in the markets and the country as a whole, we are plunged into a possible second referendum and the impending EU exit. This may cause months or even years of instability in the property market.
The bizarre thing about all this is the market for properties in demand is moving along nicely. The imbalance between supply and demand means some properties are seeing unbelievable sales returns. Properties that are valued correctly and in good condition are turning around within a matter of weeks.
We have noticed one interesting trend, though. If the property is on for a few weeks and doesn’t secure a buyer, the market turns off much quicker and that property can become much harder to sell. That said, we have seen an increase in the amount of closing dates being set; demand is certainly outstripping supply. Mortgage rates are at very attractive levels, and those people who have sold are searching furiously to find their next home.
If you have a property to sell, and aren’t particular about what you want or where you want to buy, maybe now is the time to sell and capitalise on an upward curve. At Cochran Dickie, we still feel sufficiently confident in the market to take the leap and open a third branch in Cardonald. Many people around us have questioned the location and asked why we haven’t opened in Shawlands or the west end? The simple answer to this is two-fold: competition and loyalty. These locations have several agents competing for the same market. What we have clearly identified is the location of Cardonald, Hillington etc represents an extension of where we currently cover from Paisley. We saw this as an opportunity.
Many years ago, sitting in Bella Fresca on Paisley Road West, I was talking to the two owners and they told me how parochial and loyal local people were. And that was enough to inspire us to seek out a suitable venue! Not many agents are expanding in this market, so we are delighted to be in Cardonald, and so far we have been well received.