Lindsays predicts strong 2021 property market

Legal firm Lindsays is predicting a strong Scottish property market in 2021, after experiencing its busiest ever four months during August-November 2020.

Between those months, staff at the firm's offices in Edinburgh and Dundee saw a near 50% rise in the number of homes sold when compared to 2019, with total sale values, at £98.8m, up 77%. The number of valuations requested by potential sellers rose by nearly two-thirds.

The Edinburgh office saw a 60% rise on the year in the number of homes sold between August and November, while Dundee saw 36% growth – though both cities saw total values rise by more than three quarters.

Despite wider economic concerns, Lindsays believes the signs are positive for a strong start to the property market in 2021.

The property market has been exempted from the latest lockdown, announced yesterday by the First Minister to last at least until the end of January, though conditions apply to the viewing of houses for sale.

Andrew Diamond, partner and Head of Residential Property at Lindsays, commented: “This is an incredibly robust housing market.

“It has been through the early implications of Brexit for the first time, the coronavirus pandemic and is now staring down the next phase of COVID, Brexit and other constitutional uncertainty, yet it remains strong.”

He added: “COVID-19 is a different situation to the financial collapse in 2008, when the banks weren’t lending. They are still making money available – and at low rates of interest. 

“Could the market go south significantly? Possibly. Do I think it’s going to? Probably not.

“I think some of the heat has come out and that things will settle further, but I would be surprised if it went downwards. If there were going to be a downturn, I think we would be seeing signs of that now, which we’re not.

“While demand has settled slightly, activity across the market remains high, with  positives for buyers and sellers.”