Posts Tagged ‘Scotland’
Monday, July 20th, 2009
Caesar and Howie property experts report increased activity in the Scottish Property market. For over two months now transaction levels have increased following the firm noticing increase viewings from April this year.
Managing Partner David Borrowman reports “we are now beginning to see the increased viewing levels of four months ago turning into actual offers and sales.
Whereas in the last six months of last year our transaction numbers were down to 30% of normal levels they are now back up to 60% and look to go even higher in the coming months.”
There are two principal factors helping the recovery – the first is the increasing availability of mortgages. Sandy MacFarlane Caesar and Howie’s most experienced mortgage advisor comments “Whilst mortgages are still a little tight to get – they can at least be got now – whereas at the end of last year there was virtually a moratorium on mortgages. Also the Lift mortgage initiative has also helped bring first time buyers back into the market for the first time in nearly two years. That’s a big change and of course every time first time buyer snaps up a property the person that sold that property usually buys another – so the whole market is stimulated. To be honest I have never been this busy in years – and it is mostly with Lift mortgage applicants.”
The flexibility of the Lift scheme is another benefit continues Sandy. “Some buyers think that you can only buy houses built by Housing Associations – but that is a complete misconception. You can of course buy from an Association but you can buy on the second hand market too and you can even buy a new property from a private builder – so all areas of the market are covered by the scheme”
Another feature which is helping the market move forward is a new realism in the approach of sellers to setting prices. Property Valuer John Renton has noticed a distinct change here. “When the recession first struck, the property market pretty well seized up. At first sellers did not respond to the new conditions and kept trying to price their property as if a boom was still on” says John. “But at last things have changed and most sellers are realising that it is the keenly priced properties which are shifting, and prices have of course gone down in the last 18 months. If you are buying on, of course the house you buy will have gone down too – and folk in the market are beginning to respond to that. As well as that there is no doubt there are some bargains to be had out there”
The experience of Caesar and Howie seems to be shared elsewhere and whilst it is never safe to predict too much in the property world the consensus among the professionals seems to be that the worst is over.
Tags: housing market, Scotland
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Monday, August 18th, 2008
Figures released by Lloyds TSB Scotland show that the Scottish house market is currently behaving rather differently than that of the rest of the UK.
The Scottish House Price Monitor shows in Scotland prices crept up by 1.6% in the quarter to end July. This contrasts well with figures from other UK regions which show prices falling. However Lloyds report also shows a large fall of 27% in the number of transactions completing.
“These figures mirror Caesar and Howie’s experience “said managing partner David Borrowman. “To the half year our sales were down by 22% from last year – but we have not yet found any significant slippage on prices. On the other hand “continued David “sellers have to realise that this is now a buyers’ market – unlike the sellers’ market of the last few years. Fixed prices are now becoming the norm, and sensible pricing with wide internet exposure of the property are keys to selling a house successfully. But most of all – sellers must be patient because house sales are taking longer to achieve. Buying a house is still a big ambition for most in Scotland and we feel that as the mortgage market comes gradually back to normal sales volume will steadily pick up again”
Tags: House Prices, housing market, Scotland
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Friday, August 15th, 2008
The latest data from the Scottish House Price Monitor run by Lloyds TSB makes comforting reading for householders. In the first quarter of 2006 house prices across Scotland increased by 4%, showing an average annual increase of 13.9%.
The Scottish Market continued to show higher rises than in other parts of the UK – allowing Scottish prices to catch up a little on the generally higher English prices.
Average prices in Scotland are now £107,789, for flats, £131084 for a semi detached and £205,303 for detached houses – although there are significant regional variations from these “all Scotland” figures.
The rises appear to reflect the continuing confidence of Scottish buyers. The survey suggests that in terms of the amount paid by buyers on mortgage payments relative to net income, Scots house buyers enjoy 24% better affordability than their counterparts throughout the UK.
The local experience at Caesar and Howie seems to reflect the national trend. “Buyers are quite prepared to offer good prices for well presented properties” commented senior sales controller Kirsty Jack. “After all house prices now have risen steadily for a full five years and people believe that a good residential property in a decent location will be a good investment over time. Certainly in our offices selling and buying activity just seems to keep increasing.”
Tags: House Prices, Scotland
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Monday, May 12th, 2008
The Scottish economy is being buoyed by the housing market, it has been claimed.
According to a forecast released today (May 12th) by the Bank of Scotland, the economy will see an upturn in growth next year, the Scotsman reports.
Factors contributing to Scotland’s economic growth include consumer confidence, good car sales and a healthy housing market, the news source states.
Martin Ellis, chief economist at the Bank of Scotland, explained that the historically low interest rates “continue to fuel strong demand for new housing”.
This was indicated recently in the Bank of Scotland House Price Index, which showed that the average Scottish property price had increased by 20 per cent to £82,000 during the past six months, while Edinburgh was found to be the most expensive place to buy a house in Scotland.
Furthermore, Edinburgh was found to have sold the most million pound properties in the northern regions of the UK in a recent Halifax study.
Tags: economy, property, Scotland
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Friday, May 9th, 2008
People hoping to buy a house in Scotland may be interested to know that one industry body has called for more interest rate cuts from the Bank of England.
Convex.net, a company of online property conveyancers, has claimed that the Bank of England should take further measures to bolster the housing market.
Duncan Samuel, managing director of the organisation, commented that the lack of activity of lenders is having an adverse effect on the market.
“It is clear that very soon the Bank of England will need to do something to bring the Libor rate down to free up mortgage funds,” he said.
This follows the Bank’s decision yesterday (May 8th) to maintain the base interest rate at five per cent.
The decision met with disappointment among several industry bodies, including the Royal Institute of Chartered Surveyors, which stated that the fact that housing transactions have recently collapsed and that consumer confidence has reached new lows needs to be remedied.
Tags: interest rates, Scotland
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Tuesday, May 6th, 2008
Scottish first-time buyers may be left in a negative equity position if they try and rush onto the housing ladder, if one organisation is to be believed.
Iammoving.com has claimed that first-time buyers should adopt a ‘wait and see’ approach to house buying, in that they should gauge the developments in the market before they make a purchase.
Peter Beckett, business development director of the company, said: “If you rush into something now, you could find yourself in a negative equity position, having borrowed in order to be able to afford to secure the property in the first place.”
Mr Beckett suggested taking out a loan within the family, using savings or inheritance as advisable ways of funding a first property. In addition, he suggested making the commitment in conjunction with someone else in order to ease the burden.
Meanwhile, research from Iammoving.com has revealed that one in three first-time buyers are gambling on their house purchases by taking out unsecured loans and using credit cards for deposits.
Tags: housing market, property, Scotland
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Friday, May 2nd, 2008
A new development in Perthshire offers the taste of upmarket rural life, according to Redrow.
The housebuilding firm has announced the launch of its new show home in the Graemeslea development in Aberuthven, which may be of interest to people hoping to buy a house in Scotland.
On May 10th, the show home will be unveiled, allowing visitors to experience the countryside surroundings, as well as have a go at archery and witness a falconry display.
Specialist chef John Quigley will be making an appearance at the event in order to cook up some Scottish cuisine in the show home’s kitchen.
Diana Newton, sales director for Redrow Homes, said: “Graemeslea is a beautiful development of stunning luxury homes, perfectly set among the breathtaking scenery of the Perthshire countryside.”
The development is a 15-minute drive from Perth and just over an hour away from Glasgow and Edinburgh, according to the company.
Another development that may be of interest to people looking to buy a house in Scotland is the luxury apartments at the Laurels, a Barrat Homes development in Rutherglen near Glasgow.
Tags: Buy a house in Scotland, New Development, Scotland
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Thursday, May 1st, 2008
House prices are only continuing to do well in Scotland and at the top end of the UK market, it has been claimed.
Research conducted by the Centre for Economics and Business Research (CEBR) for Chesterton estate agents, has highlighted a negative house price growth throughout England, Wales and Northern Ireland during April.
However, people looking to buy a house in Scotland may be pleased to hear that the country is still doing well.
Douglas McWilliams, chief executive of the CEBR, commented: “Price falls are now happening across the country. Mortgage lenders, estate agents and surveyors – in fact, all areas of the market – are now telling the same story of decline.
“Prices are only holding up in Scotland and at the very top of the market, which is propped up by international demand helped by falls in sterling.”
Elsewhere, the largest house price fall was experienced in Northern Ireland with a 4.6 per cent dip. Also, the value of property at the bottom end of the market fell by 0.2 per cent.
The CEBR’s sentiments were echoed elsewhere this week as Knight Frank proclaimed Scotland’s housing market to be “remarkably robust”.
Tags: House Prices, Scotland
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Thursday, April 17th, 2008
Those looking to sell a house in Scotland could be buoyed by the recent research suggesting that homes in the region are bucking the overall UK trend.
According to a report in the Glasgow Evening Times, the Royal Institution of Chartered Surveyors (Rics) has noted that whereas house prices in other areas of the UK were in record low territory, 90 per cent of Rics members reported Scottish house prices were the same or higher than previously.
“Scotland is in a unique position with house prices continuing to increase, albeit not at a booming’ rate. The general feeling within the industry is that the Scottish market is currently holding up well,” said Rics Scotland director Graeme Hartley, according to the paper.
This may come as good news to those looking to sell a house in Scotland, as it means their home will be worth more than in certain other places in the UK.
According to the Rics UK Housing Market Survey for March 2008, Scotland is the only UK region with the “net balance of surveyors” noting a rise in house prices.
Tags: Buy a house in Scotland, House Prices, Scotland
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