Scottish Property Market Not All Doom and Gloom
Thursday, May 10th, 2018
DESPITE challenging times in the Scottish property market, a leading expert maintains that the positives far outweigh the negatives.
Carl Warden, Senior Associate at leading land and estate agent Bell Ingram, believes that there are good signs for the market despite difficulties which have constrained certain sectors.
2017 saw the strongest residential market in a decade while house prices in Scotland are expected to grow by 17% over the next five years, up three percent on projections for the rest of the UK.
Carl said: “Last year was really strong for the market, with more than 100,000 transactions.
“Although the bulk of these transactions were for properties under £200,000, the strongest growth in activity was above the £400,000 mark, with a 23% annual increase.
“The new build sector is preforming well, largely driven by the lack of second-hand properties available and the incentives offered by developers.
“We recently brought to market eight luxury apartments within a B-listed baronial mansion in Oban and all eight apartments were reserved within 48 hours.”
Despite the positives, Carl is warning that Land and Buildings Transactions Tax (LBTT) is supressing the market.
The Tax, which replaced Stamp Duty back in 2015, is paid on transactions of land within Scotland.
Carl added: “The Government is more focused on getting people onto the housing market than relieving pressure at the top end.
“New rental taxation, laws and leases are attempting to release housing stock back to the market but rents are increasing to recoup the loss.
“In short, the policy is supporting the lower end of the market but making things harder at the top.”
Carl is based at Bell Ingram’s Perth office.
The firm has 130 professional staff across UK offices, including charted surveyors, estate and forestry managers, architects, building surveyors, Tourism and green energy specialists.
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