Estate agent hits back over ‘house price fall’

A leading estate agents in Newton Stewart has hit back this week at press reports stating house prices in Wigtownshire were falling.

Janice Holliday, Estate Agency Branch Manager of Galloway & Ayrshire Properties (GAP) says the market in the Machars has stabilised and demand could soon outstrip 
supply.

She said: “Although we have experienced some very difficult times with the market crash, funding difficulties for purchasers and other exacerbating circumstances over the last few years, GAP have found that in May (after the General Election in 2015) the market improved and we personally saw a good rise in turnover of property sold between May and October 2015 giving some optimism that things may be beginning to recover.

“The lower and middle market have seen regular movement with vendors, in general, prepared to negotiate on price to achieve a sale, especially those which have been on the market for some time.”

However GAP say prices are not on the increase yet as the current market has a supply which outstrips demand, thereby making it a buyers’ market.

Prices did seem to fall quite dramatically in the summer of 2014 with some Home Report valuations falling well short of sellers aspirations and, with some sellers prepared to accept lower prices, in some cases a reduction of between 10-20 per cent.

“Here in Wigtownshire the current feeling is that the market has now stabilised, “ added Mrs Holliday

“However, the impact of a proposed three per cent tax on second homes in Scotland taking effect on 1 April may have a negative effect on the buy to let market which forms a significant part of our business.

“However, the market now seems to have stabilised and we are optimistic that this will continue to a point where demand is higher than supply, when we could see the return of closing dates, which may have a positive effect on prices.

“In the meantime, we will do what we can to promote the area.

“How can anyone fail to fall in love with this region?”