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Cumbernauld & Kilsyth Property Market Update

  • What type of property is in demand?

  • What are buyers and renters looking for?

  • The rental market

There is no doubt that lockdown has made us all re-assess our living situations. With the prospect of long-term working from home and offices being closed, many have reassessed their housing needs.

Following lockdown, and with buyers and renters seeking additional space, there has been a surge in demand of three bed houses.  This was reflected in faster sales and with an average time from listing to SSTC (Sold Subject to Contract) down to 24 days in comparison to 36 days this time last year.  This marked the fastest ever average sales time for any type of home.

What are buyers and renters looking for?

According to Zoopla, surprisingly ‘garage’ is the most commonly used search filter term in buyers and renter’s property searches!

Although a garage offers a private parking spot, it also offers the opportunity for either storage or an extra room, again a sign that additional space is in demand.

The third most searched feature was ‘garden’, again highlighting the demand for outside areas. Many people who spent lockdown in flats or apartments now desire more recreational space and put simply the ownership of a garden has become more critical to them.

Amongst tenant searches, only ‘Pet Friendly’ accommodation made it into the top five features searched unsurprisingly as there was a surge of people purchasing puppies during lockdown and with cat charities reporting an increase in demand for cats.

The Rental Market

Rental demand has remained strong during the past few months and is reported by Zoopla to be running 33% higher than pre-lockdown.

Just like homeowners, the COVID-19 pandemic has made renters re- evaluate and re-assess how and where they want to live.

Demand for rental property in both capitals (Edinburgh/London) is decreasing.  This has been attributed to the decreasing need for city living as we find ourselves in an era where home working looks like a long-term fixture.  Compounding this is the decline in tourism in both cities due to travel restrictions.

What does this mean for the Cumbernauld and Kilsyth Property Market?

In this new era of remote working, people are re-evaluating their living requirements.

Cumbernauld and Kilsyth are well positioned in accommodating the demands of new buyers and renters. Situated in the central belt between Glasgow and Edinburgh and surrounded by plenty of green space, the two towns make an attractive proposition.  With the average house price in Cumbernauld currently sitting at £143,587 in comparison to Glasgow’s average house price of £194,545 and Edinburgh’s at £292,125 respectively, buyers are choosing Cumbernauld and Kilsyth as a perfect fit for their requirements coupled with very attractive pricing.

Additionally, the reduction in Land Buildings Transaction Tax (LBTT) until March 2021 gives buyers the opportunity to save money or be able to increase their offer.  This initiative is encouraging people to proceed with a move they otherwise may have been unable to make.

On Friday 11th September, further COVID-19 lockdown measures were announced.  In my opinion, these will give the local property market an additional boost.  These restrictions will create added impetus for those who may be fearful of spending a challenging winter in their existing home and inspire them to move.  Many living in cities will also now be weighing up whether the additional premium of urban living is worth the sacrifices made in terms of space and potential restrictions on movement.

In conclusion, if you’re considering selling or renting a property, it would be my recommendation to act quickly whilst all the current stars are aligned. Please feel free to contact me if I can help with any of your property requirements.

Cheryl x


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