Edinburgh prime property market unscathed

Article source: www.propertywire.com

Edinburgh prime property market unscathed

Though the world today is currently facing an appalling economic disaster, which financial experts are calling the “credit crunch”, it has been made revealed by a monetary survey that the prime property market in Edinburgh, Scotland, has so far, largely remained unaffected in any way. This is promising news for a United Kingdom property market which is under increasing downward pressure in terms of house prices, falling sales and a reduction in the number of mortgage products available in the market, as well as a rising cost of borrowing for home buyers.

The survey, which was carried out by property consultants CKD Galbraith, revealed that property investors in the mid to high end of the Edinburgh property market have nothing to be concerned about with regards to getting hold of mortgages and can therefore remain more upbeat than their counterparts in other cities nationwide. This is due to the fact that, a larger percentage of the would-be buyers in Edinburgh, 78 percent according to the report, do not have to sell a property in order to acquire another one; thus they have no forward chain. In return, the buyers do not feel the pinch from restricted mortgage lending.

The survey also found that less than five percent of those home buyers who required a mortgage found it more difficult to acquire the required finance; this is surprising news taking into account the events of the past few weeks and the general state of the world wide financial markets. In Edinburgh their remains full confidence, on the part of home buyers that they will be able to secure a mortgage. Nevertheless, many buyers are not taking any unnecessary risks, especially in the current economic climate; the evidence is here. As a matter of fact, a huge forty percent of those surveyed said they have become more watchful on the timing; over a quarter believed that as a result they had become more price conscious; whilst just under a third admitted that they were keeping their eyes open for what they would term as the real potential bargain.

CKD Galbraith’s head of the Edinburgh residential department, Alasdair Mackenzie said that the results from the survey carried out by his firm were exceptionally encouraging and are an indication that there is a great number of would be buyers in the mid to high ends of the market who seem to be having no problem with funding and reliance.

In reiteration, he said that a widespread factor among the buyers is the dissatisfaction at the absence of decent housing stock presently in the market, for the reason that there is greatly uncalled-for pessimism. Nonetheless, despite the fact that buyers are more discerning, they would be enthusiastic in getting hold of a property if the right one became available. Furthermore, some buyers were taking keen interest for any potential bargains as per the existing market trends.

The property consultancy firm believes that the autumn will continue to be a buoyant period in terms of property sales before the yearly decline previous to, during and after the Christmas period. In addition, the property consultancy firm established that homes worth between half a million to about a million pounds would most likely be in the most active property sales sector band with almost half of all active buyers looking in this price range.