Hello there, and welcome to your latest update from “The Rotter”!
If you ask me, the impressive boom within the Scottish property market is the biggest news in the housing sector right now. Prices are falling as purchases are rising and, of course, this is music to my ears. More people owning their homes means more people investing time and care into their property; and that is exactly what we specialise in at Wise Property Care.
So, what is the scoop on all this property market prosperity?
A Scottish property boom?
Housing transactions are looking very positive at the moment, being some 15.8% up compared to last June, up 6.6% for the year cumulative and the highest year to date cumulative since 2008.
House prices are rising too. I noticed Kenny Crawford from the Registers of Scotland was in the Daily Record the other day saying “Across Scotland, some areas are experiencing significant price increases. In particular, Aberdeenshire is performing well with an average 5.6% rise from the same period a year ago”. Kenny also added "East Renfrewshire recorded the highest percentage price rise of 6.2%”. This is fantastic news! Oil-rich Aberdeen has always been notoriously recession proof, so to see East Renfrewshire have a higher percentage increase suggests that growth is spreading right across the country.
First-time property owners
Assistance for first-time buyers seems to be trickling through, meaning more young people are getting the chance to climb aboard the property ladder. That said, some concerns are being raised that low rates for first-time buyers will create an artificial bubble that will affect prices. I guess only time will tell on this one, but even if the bubble bursts, the fact that more young people are able to buy their homes can only be positive.
Could the stock market help Scottish property buyers?
The Footsie 100 is nudging earlier record highs, adding value back into some depleted equity portfolios. Would it be wishful thinking to assume this could encourage some people into thinking about an Autumn move? I cannot be the only person noticing this, so fingers crossed.
Buying a property in Scotland?
If you are buying a property then make sure you check for any structural repairs that might need carried out. If you notice any problems like dry rot, wet rot or woodworm then you should be wary of purchasing or at least looking at a discount price. Any of these property problems will severely affect your new properties structural integrity.
Make sure you check the garden and surrounding areas of any property you are buying too. We are receiving more and more Japanese knotweed enquiries through our specialist division Wise Knotweed Solutions. The spread of this property pummelling plant shows no signs of letting up.
Anyway, as summer is drawing to a close I thought I’d take some time to say if you still have your holidays to take, enjoy them. If you are just back, I hope you had a great time.
Read more Scottish property news
- Top property tips for the summer – 5 top tips for looking after your property this summer.
- Right to Buy scrapped in Scotland – The right of Scottish tenants to buy their council properties is to be scrapped.
- Help to Buy scheme off to a “flying start” – Would England’s “Help to Buy” scheme work north of the border?
Read more from The Rotter
- The Triffids vs. Japanese knotweed – The Triffids might be tough but I reckon knotweed could give them a doing.
- Whizz popping damp questions – Your damp questions answered in inimitable Rotter style.
- Royal baby names and Commonwealth Games – Is there a property connection to our new Prince and the upcoming Commonwealth Games? Sure there is...