Scottish agent celebrates record month for home sales

House price growth may be slowing but Sottish agency brand DJ Alexander has revealed that it recorded its highest ever sales figure during May.

The Lomond Group-backed brand said it achieved more than £15m of property sales in Mayy, with Edinburgh and Glasgow leading the charge.

The volume of properties advertised for sale in Edinburgh during May was also at its highest since January 2021, the brand said.

David Alexander, chief executive of DJ Alexander, said: “These figures are extraordinary, and we are delighted to have had such a successful month. At a time when many in the property sector believed that there would be a downturn it is a sign of the resilience of the market that we have sold homes worth over £15m in one month.

“The market is booming at the moment particularly with detached and semi-detached homes, and bungalows. Prices for properties with outside space have been rising since the pandemic and this trend continues.

Average prices for detached homes in Edinburgh have risen 29.3% in the three years from March 2020 to March 2023 increasing from £586,173 to £757,719, Alexander revealed, while prices in Glasgow are up 36.3% from £328,901 to £448,346. 

He added: “Demand in Edinburgh and Glasgow is far outstripping supply resulting in prices substantially above the home report. 

“We had one property which sold for 35% over the home report which is a very strong result when the market is meant to be weakening due to higher mortgage costs.

 “The strength of the market has been remarkable, and I think it will remain solid in the coming year. Demand does not seem to be reducing so sellers are having multiple notes of interest and many bids resulting in sale prices considerably higher than home report values.”