The Scottish property market in 2016

A 14 year low for property sales

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A healthy property market is incredibly important when you work in the property preservation industry. More properties being bought and sold means more home reports, which inevitably means more property problems coming to the surface. 

With that in mind, the amount of dramatic newspaper headlines regarding the Scottish property market in the opening months of 2016 has given me a lot to think over.

In this blog I will be taking a look at some of the latest headlines and trying to understand what they might mean for property preservation in 2016.

Let’s talk property!

Property sales have fallen to a 14 year low

This recent revelation might sound like bad news, but dig a little deeper into the story and it brings some interesting facts to light.

It is true that the number of properties per estate agent in the UK has fallen to the lowest level since 2002 but despite this the NAEA (National Association of Estate Agents) also reported that January saw a huge spike in demand for properties.

If the limited supply of properties is being snapped up (particularly by landlords looking to beat the buy-to-let LBTT hike in April) it could mean a lot of preservation work will be needed heading into the summer as these properties get renovated in preparation for new tenants moving in.

A spike in landlord activity usually sees a similar spike in damp proofing and woodworm enquiries here at Wise.

Scotland is the place to buy

Edinburgh

Apparently our biggest cities are two of Britain’s property hotspots. A recent U-switch report on "Britains most desirable locations" saw Edinburgh come out on top. The capital was named the best place to live in the UK in the report, which was based on many lifestyle factors such as low crime, affordable living, high salaries and fast broadband.

Glasgow has also been highlighted as a property hotspot in a recent home.co.uk report. This report suggests that the Glasgow suburbs, particularly areas like Clarkston and Giffnock, are so sought-after that a property could sell a little over a fortnight after going to market.

With major investment also hitting Dundee in the coming months and the Scottish government promising a £25 million boost to housing in rural areas, things are looking bright.

What does it all mean?

Despite some gloomy and panic inducing headlines, I think the property market in Scotland looks to be in a good place - particularly for industries like my own, where plenty of buying and selling is good for business.

However, when all is said and done, it is only March and the property market is notoriously volatile. For that reason I will be keeping an eye on all things property related throughout the year and keeping you updated when things get interesting

Until next time,
Awrabest,
The Rotter

Read more from Wise MD Les Meikle (aka The Rotter)