Scottish agency DJ Alexander recorded its highest ever sales figure last month, achieving over £15m of property sales in May.
According to the firm, the Scottish property market has been booming over the last year, with Edinburgh and Glasgow leading the way. The volume of properties advertised for sale in Edinburgh during May was at its highest since January 2021 and there are signs that demand continues to remain strong, the agency said.
Chief executive David Alexander commented: “These figures are extraordinary, and we are delighted to have had such a successful month. At a time when many in the property sector believed that there would be a downturn, it is a sign of the resilience of the market that we have sold homes worth over £15m in one month.
“The market is booming at the moment, particularly with detached and semi-detached homes and bungalows. Prices for properties with outside space have been rising since the pandemic and this trend continues. Average prices for detached homes in Edinburgh have risen 29.3% in the three years from March 2020 to March 2023, increasing from £586,173 to £757,719.
“In Glasgow, the increase has been even higher, rising 36.3% in three years from £328,901 to £448,346. In Scotland as a whole detached homes have increased 30.5% from £260,273 to £339,717.”
Alexander added: “Demand in Edinburgh and Glasgow is far outstripping supply, resulting in prices substantially above the home report. We had one property which sold for 35% over the home report, which is a very strong result when the market is meant to be weakening due to higher mortgage costs.
“The strength of the market has been remarkable, and I think it will remain solid in the coming year. Demand does not seem to be reducing so sellers are having multiple notes of interest and many bids resulting in sale prices considerably higher than home report values.”
