The Stirlingshire and Clackmannanshire residential market remains strong with demand continuing to outstrip supply in most areas. Due to this lack of supply we have seen the average time a property is on the market decrease in most areas, notably within Bridge of Allan, Dunblane, Cambusbarron and Menstrie.
Demand for medium sized family homes is leading to many closing dates, with a large proportion of these homes achieving in excess of Home Report value. This is most noticeable in Bridge of Allan, Dunblane, Cambusbarron and Torbrex where most properties are actively marketed for a matter of days before finding their buyer.
Properties within Dunblane and Bridge of Allan continue to perform well with the strong performance of Dunblane High School and McLaren High School driving popularity within the area. The running time for the train to Edinburgh has also decreased which has helped improve the appeal of the local area to commuters travelling to the Capital.
There has been increased activity in the restaurant scene in the local area which is also helping to drive the attractiveness of the area to new occupiers. The recent opening of the Allan Park hotel and recent refurbishment of the Riverhouse have proved popular. Graham and Sibbald’s well renowned Licensed Trade team also let the iconic former bank building at 78 Upper Craigs to Fletchers, a local family owned restaurant.
The market for flats and apartments remains strong in comparison to previous years, however, sellers can expect longer marketing times and should expect to achieve around the Home Report value with fewer closing dates and willing buyers noted.
The number of properties sold in Q1 for Stirling and Clackmannanshire was 752, comparing this to the final two quarters of 2018 with Q3 – 804, and Q4 – 756 it is clear that the amount of transactions in the area has steadily decreased through the last year. This decrease in sales is mirrored by the lack of stock coming to the market in recent months. We understand sellers are hesitant to market their property until they find a suitable home to move to, however, it is this act that seems to be bottlenecking the market and leading to a reduction in new listings.
With many willing buyers ready to offer as soon as a property is marketed, the best advice would be to get your home on the market and then be in stronger position when you find the property you like. Due to the competitive nature of the buying market, buyers will likely have a degree of flexibility on dates of entry on the basis that they can secure the property, allowing the homeowner time to find their next home.
It is this distinct lack of supply to the market in the last year that has pushed on sale figures as we see more and more properties achieve Home Report value and above. The Stirling market has been particularly buoyant in recent years with many vendors taking advantage of the increasing house prices.
The new build market in Stirling has had a new lease of life in recent months with the Ogilvie development in St Ninian’s and the Robertson Homes Raploch development breaking ground, through time this will bring over 500 new build homes to Stirling. With further developments planned throughout Stirling with a total of over 1000 units awaiting planning approval, it will be interesting to see what effect the new building market will have on second hand sales within the area.
Graham + Sibbald continue their strong presence within the Scottish property market and are recognised by all key mortgage providers. If you have a property to sell within Stirlingshire or Clackmannanshire please do not hesitate to contact us on 01786 463 111.
Gavin Miller: gavin.miller@g-s.co.uk
Michael Anderson: michael.anderson@g-s.co.uk
