As well as longer days and warmer weather, Spring traditionally brings with it an upturn in the Scottish housing market. However we all know that since the economic downturn hit in 2008, the number of properties changing hands has declined rapidly and the market has been stagnant for many years.
Signs of life?
Although the economy is yet to return to its pre-Credit Crunch state, signs of change started to show in the latter half of 2013 as growth and stability began to return to the market. In fact, a leading property data firm called 2013 the "year of recovery", as the value of the average property rose by 3.6%, one of the highest increases in the UK. Looking forward, the Royal Institute of Chartered Surveyors in Scotland predicted that house prices would rise by a significant 7% in 2014.
Is now a good time to buy or sell?
As far as potential buyers are concerned, borrowing is becoming easier and is now available to first time buyers again. In addition, interest rates on borrowing remain relatively low and, although on the rise, house prices remain lower than prior to the economic crisis. This may be the time to snap up a property without breaking the bank!
You may also be interested in the recently introduced Help to Buy Scotland scheme. Under this scheme, the Government will provide eligible buyers with financial support of between 10% and 20% of the asking price for a new build property. Assistance under this scheme, however, will only be available until the end of March 2015. If this is something you are interested in, you would be well advised to take advantage of this opportunity as soon as possible.
Sellers are also in a strong position at the moment - as confidence in the property market returns, the pool of potential buyers is increasing. The high demand for properties at the moment, combined with rising prices, has certainly created favourable conditions if you are looking to sell.
How do I start the ball rolling?
Once you are ready to proceed with your purchase and/or sale, you will need to instruct a solicitor to handle the transaction on your behalf. At TC Young, we have wealth of experience in all aspects of residential conveyancing - please get in touch for more information.
