“If people are pragmatic and
accept the market, it’s as good
a time as any to do business,”
Peter Lyell, Head of Edinburgh Residential
15-20 per cent from their peak price. In addition, reassure them. They may not be achieving what
where once people might have netted 20-30 per they hoped for but they can still sell and get on
cent above their asking price, now they are lucky with their lives,” he says.
to get five to ten per cent over.
“The froth has disappeared and what sellers Sellers now know what to expect
were achieving in 2007 and 2008 is not This is true for owners with equity in their
repeatable,” says Peter. “In most cases, buyers houses. They might not be getting as much cash
are not inclined to pay well in excess of the upset back as they would like, but even with reduced
price, but they will pay the market value.” prices, they are likely to have done well. Cash
The valuations contained in the Home buyers are in a strong position to buy – there is
Reports are helping people to negotiate a tricky choice in the market and sellers now know what
market. These are conducted by impartial price they can reasonably expect.
surveyors and give a clear indication of what “If you can obtain funding, it’s easier than
price they think a property will fetch. To arrive ever to buy a house. If people are pragmatic and
at their figures, they look at similar homes that accept the market, it’s as good a time as any to
have sold recently, other property on the market, do business,” says Peter. n
and a wealth of up-to-date information.
“Coming down in price is a painful process
and sellers are worried that the market will fall
Contact: Peter Lyell
further,” says Peter. “However, all our research
Head of Edinburgh Residential
suggests that prices are beginning to bottom out,
0131 247 3712
and Home Report valuations are helping to plyell@savills.com
savills scotland residential review 7
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16