Political and economic uncertainties are trickling into the housing market and creating stagnation, says Beverley Brown
PAUSE for thought; in recent years the property market has been subjected to the Scottish independence referendum, a UK General Election, Scottish parliamentary elections, Land and Building Transaction Tax – not to mention the looming Brexit referendum, further tax shake-ups to come and the prospect of a second independence referendum.
As a result, Eric Curran, managing partner at DM Hall Chartered Surveyors, says the property market is getting and giving mixed messages as participants try to figure out what effect imminent decisions will have on their prospects and those of their families.
“Recent upheavals have had a ripple effect. The demand is there, but it is just not being met. This is true of Glasgow and Edinburgh, where there is a rich pool of people ready to move but only as soon as they see the property that they want coming on to the market. Until then, they will sit tight.
“Matters are unlikely to significantly improve until the undercurrents of unrest and the widespread sense of confusion about the longer-term direction of the country are alleviated to a noticeable degree.
What the market – and perhaps the country – needs at the moment is five years of stability with a government committed to growth and a burgeoning economy in which wealth creators are encouraged and allowed to flourish. At least it would give us a chance to catch our breath.”
Current upheavals aside, the total value of the residential sales market in Scotland from 2006 to 2016 was just over £148.2 billion, according to a new report published today by Registers of Scotland (RoS) which details the trends over the decade’s peak years, and in the wake of the economic downturn.
Kenny Crawford, RoS’ director of commercial services, said: “The Scottish property market is a significant contributor to the Scottish economy.
“In 2015-16, the total value of residential sales alone was £16.7 billion. We’ve seen an increase in average house prices, up 19.7 per cent between 2006-07 and 2015-16, from £139,207 to £166,624.”
The report, the most comprehensive property transaction report in the country also notes a 16.9 per cent increase in the number of residential properties sold for over a million pounds.
George does it again
HARD hats off to Bellway site manager, George Carty, who has won a second NHBC Health and Safety Award for his work at The Marches development in Stepps. George, who has managed the site since 2013, was also announced UK runner-up in the NHBC’s Pride in the Job Supreme Awards for the Large Builder category in January.
Perth houses approved
PERTH and Kinross Council has approved detailed plans for the first phase of Springfield Properties’ £1 billion Bertha Park development in Perth, which includes 1,061 new homes. The 30-year project will create more than 2,000 jobs.
Value for money
PRICE comparison websites can be useful for many things, including purchasing insurance and household products. But to use an estate agent comparison site to source the cheapest when it comes to selling your house?
Surely the end goal should be achieving the highest possible price for your property in the shortest possible timescale. The fee you pay should reflect the company’s reputation, professionalism and
No doubt there will always be sellers who are happy to settle for the cheapest fee and take the service on offer.
But thankfully, the vast majority of homeowners nowadays value the importance of presentation (second only to location) personal service and professional marketing techniques that achieve results.
And if you think that equates to a hefty fee, think again. Selling houses nowadays is a highly competitive business and there is surprisingly very little disparity in fees amongst the best agents.