A look back at 2023
As we reflect on another year in the heart of Edinburgh's real estate market, I am thrilled to share our journey and what 2023 had to offer. The big talking point of this year was the obvious shift in the market, favouring first time buyers and other property purchasers alike. Since opening our doors in January 2021, we have operated in a strong seller’s market with numerous closing dates and properties selling in substantial excess of their home report value. This year, the market has taken quite an obvious turn with a significant increase in base rate mortgages from July. As a result, there was a noticeable “cooling off period” in the property market resulting in more fixed price sales and properties selling for closer to their home report value. It is interesting to see a 34% increase in buyers registering with Revere compared the year prior, showing that there is still strong demand in the market. Towards the end of this year and as mortgage rates started to stabilise, we saw the market jump start again and good levels of activity across our listed properties. My take away from Q4 of this year is that there has been an increase of properties listed meaning more choice for purchasers who are not having to pay a large amount over value. With this said Revere saw an increase of 18% in value of properties sold compared to 2022 and a 12% increase of number of transactions showing that the market is still buoyant.
This year also brought and exciting partnership with our friends at Altido. Working closely with this great team will allow us to offer a full package to those looking to invest in the capital. Although it is early days, I can already see this relationship blossom and I am looking forward to seeing how we can help each other grow going forward. Altido is based across six Eurpoean cities and it’s amazing to see the level of personal service they offer. The future with this great company will focus on Revere sourcing investment properties for their clients whilst assisting in the sale of those who are looking to exit from the short term rental market due to change of legislations. Emma, Regional manager for Scotland, talks more about her view of the market from a rental point of view.
As always, customer service remains at the forefront of our business. This year saw us achieve our 100th property sale which I never thought would be possible this early in our journey. I would like to personally thank all of those who have shown trust in us and allowed us to play a part in such a huge part of their lives.
I am happy to say that we retain our 5 star google reviews and have picked up serval awards including best local estate agent in Edinburgh, this is a true reflection of our team and how closely we work with our clients. A big part of this success comes from the level of service provided by Ellie McCallum. She has been a huge part of the growth of this company and has been brilliant in creating a strong bond with our clients.
There are many exciting announcements coming early next year as we look to grow our team both in number and geographically, keep an eye out for more information coming very soon. This magazine is a true reflection of our year and I hope you find it insightful.
