Tuesday, 22 March 2016

Penicuik property market goes ballistic .... but is it good news for investors?

Spring is here.  The tell tale signs are all around us – the crocuses are out and the Penicuik property market has gone ballistic.

Since the beginning of March, 21 new Penicuik properties have been listed for sale which is just under half of all properties that are currently for sale in Penicuik.

I have assessed the make up of these new properties and have spotted a few interesting trends:

1)   Most properties are larger, family home type properties which is a change as there were more smaller properties for sale before this.  The properties listed since the beginning of March have the following number of bedrooms:

o   1 bed – 2
o   2 bed – 6
o   3 bed – 9
o   4 bed – 4

2) Most properties are on the market at ‘Offer Overs’ whereas before most were ‘Offers in the Region Of’ or ‘Fixed Price’ which is a sure sign that there is more confidence in the market.  The current make up of pricing types is:

o   ‘Offers over’ or ‘Offers in Excess of’ – 17
o   ‘Offers in the Region of’ – 3
o   Not stated – 1

3) Prices range from £85,000 for a 1 bed flat in Evelyn Terrace, Auchendinny to £335,000 for a 4 bed house in Lower Valleyfield View, Penicuik.

4) The sales market in Penicuik continues to be dominated by Allan McDougall who has listed 8 of these new properties for sale and Stuart & Stuart who has listed 6.  Mov8 has listed 3 of these new properties for sale and Sturrock, Armstrong & Thomson, Campbell Smith, Warners and Purplebricks have each listed one.

Standing back from it all, whilst there has been an explosion of new properties on the market this is not necessarily good news for buy to let investors as prices seem to be going up and most of the new properties on the market are family homes which can be less attractive to buy to let investors given the higher capital required to buy them. 

However, there are still bargains to be had in Penicuik for buy to let investors so long as you know where to look.

If you want some advice on where to look for Penicuik property bargains this Spring, come and see me in my office (6 Bank Street, Penicuik), give me a call 01968 674601 or email me (lettings@thekeyplace.co.uk).

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