Bargain season
Prices tumble as property market begins its winter ‘hibernation’
IT is not only the leaves that fall at this time of year – the price of some homes can come tumbling down as well. The property market traditionally slows down after a burst of activity during the summer months. Amid the ‘hibernation’ of house sales between November and January, many owners are willing to take a hit on the Home Report value of their property in order to secure a sale.
As a result of such autumn bargains, you can buy the home of your dreams at what can often be a substantial discount.
John Boyle, the director of research and strategy at estate agents Rettie, said: ‘Bargains can often emerge if the market has been slowing down, which it has been since late summer.
‘Think of it from a seller’s point of view – you have had your house on the market for six to nine months and you’ve not had a lot of interest.
‘The market goes into hibernation between
November and January, so if you do have to secure a sale, the logical thing to do is lower the price.’
The political turmoil caused by Brexit has added to the uncertainty in the property market.
Mr Boyle said: ‘This year it may be different because we have had the Brexit cloud hanging over us.
‘Who knows what’s going to happen? If there is an extension to January, you may see a reinvigorated market due to the pentup demand.’
Figures released by Registers of Scotland show a fall in the number of homes sold in early summer compared with the year before.
There was a 13.4 per cent drop in residential sales north of the Border between June 2018 and the same month of this year.
Registers of Scotland spokeswoman Janet Egdell said: ‘The latest UK House Price Index data suggests there has been a marked reduction in the number of residential property sales in Scotland in June 2019, contrasting with an overall rise in transactions over the first six months of 2019.
‘The volume of residential sales decreased 13.4 per cent on the original provisional estimate for June 2018, while from January to June 2019 there was an overall increase of 2.6 per cent compared with the same period in 2018.’
Detached properties had the biggest increase in value.
One such four-bedroom home, in Piperdam, just outside Dundee, is now on the market for £549,999 – £75,000 below its Home Report value of £625,000.
The detached villa comes with a triple garage and views towards a loch and two golf courses. It was built as a five-bedroom property when constructed by Kirkwood Homes in 2007, but the owners shuffled the pack a bit and found an alternative use for one of the bedrooms. However, this could easily be returned to the way it was.
The property comprises a very spacious sitting room, dining room, kitchen/family room, four double bedrooms with en suites, family bathroom, W/C, utility space and large games and cinema room.
The main area of garden is enclosed by a wooden fence and offers a spectacular perspective of the water and countryside. You can also take in the views from a hot tub on the raised patio.
Piperdam, which is less than ten miles from Dundee, is a well-known golf and leisure resort.
It is set in a bowl surrounding Piperdam Loch and the 18-hole Osprey Golf Course.
There is a tennis court, driving range and leisure spa, which offers a sauna, swimming pool and therapy suite, plus restaurant and function suite.
Sadly, membership does not come with the house.