Research reveals differences in housing market, good news for renters and house-hunters, and some homes to hanker after
Data released by Registers of Scotland (RoS) provides a clear overview of the Scottish housing market last year. Findings show that the average price of residential property in Scotland fell by 1.5% over the year, with transactions rising by nearly 3%. The total value of all property sold – probably the best barometer of housing market performance – rose by fractionally more than 1%.
RoS analysis shows results are highly variable across local authorities and by property type: on a local authority basis, the results varied from a 35% annual rise in the value of all property sold in East Renfrewshire, to a 16% drop in Stirling. Interestingly, there was a notable rise in the volume of semi-detached houses sold (nearly 7%).
Rettie & Co's head of research, Dr John Boyle, said: "These full-year statistics show the housing market in Scotland has again been largely flat over 2012, much as we anticipated at the start of the year. Given the economic headwinds, this should be seen as a reasonable result."
He added: "Some areas of the country are recovering better than others. The value of property sold in East Renfrewshire is up more than one-third on the year and 20% in Midlothian. New-build activity in these areas is helping to drive up market values."
Rental health
A campaign called Rethink Renting has been launched by Shelter Scotland in a bid to make Scotland's growing private rented sector fit for families and fairer for all by ending short-term tenancy agreements, which can be as short as six months. The charity says that, while private renting offers greater flexibility and is an attractive choice for some, it is not suited to providing families and individuals with a safe and secure environment in which to put down stable foundations and bring up children.
Shelter's research shows that the private rented sector has almost doubled in size in less than five years – increasing by 98%, with more families with children renting privately.
The charity is asking the public and politicians to sign up and support its call to the Scottish Government for positive reform of the sector, now home to more than 270,000 families across Scotland.
Meanwhile, Glasgow and Edinburgh-based letting agent DJ Alexander is calling for the rented sector not to repeat mistakes that haunt the owner-occupier market. Managing director David Alexander said increasing demand for rented accommodation could result in a sharp increase in rates.
The company's latest Rental Tracker for the final quarter of 2012 shows Edinburgh rental rises of 3.4% and 4.3% respectively for one and two-bedroom flats compared to the same quarter of 2011.
He added: "Responsible landlords, which the vast majority are, accept that a rental bubble, tempting as this might be in the short term, is not in their longer-term interests. The current sustained but manageable increase in rental rates can be maintained by landlords resisting squeezing every last rental penny out of a property and for tenants not being seduced into taking accommodation out of their financial comfort zone."
Fulfilling aspirations
Home Owners in Scotland now have the option of trading in their existing property in part-exchange for a new-build up to the value of £250,000 – and the benefit of a 95% mortgage – through the MI New Home scheme. The Scottish Government-supported scheme, which is also available to first-time buyers, aims to assist those locked out of the housing market achieve their home ownership aspirations, while also supporting the sale of desperately needed new homes and safeguarding vital jobs and apprenticeships.
Under the hammer
Ross Harper Property Auctions is a new Glasgow-based auction service for land and all types of property from private sellers to banks, administrators and solicitors throughout Scotland – and the only one to offer a solicitor-backed guarantee ensuring properties are sold "certified mortgage ready" to give buyers added security.
The next auction is being held at 7.30pm on Thursday, March 14, at the Grand Central Hotel, Glasgow, when one of the properties going under the hammer will be a large, two-bedroom, modern apartment with private garden and garage on Camphill Avenue in Langside with an auction guide price of £110,000 and a home report value of £150,000. For more details call 0141 339 4466 or visit www.rossharperauctions.com
Become a convert
Better known for large, high-end properties, Newton Mearns does nonetheless cater for all tastes, and for anyone looking to downsize or buy a smaller home, a charming conversion in a former stable block in Lochbroom Court, pictured above left, may be ideal.
The accommodation is over two levels, which makes a change from the more usual apartment style, and includes a living room, recently refitted breakfasting kitchen, two bedrooms and an attractive bathroom. The picturesque setting has a central courtyard and well-maintained residents' gardens and the property also has a single garage. Nicol Estate Agents is seeking offers over £189,000.
Work it out
Maintaining a fitness regime will not be a problem for whoever buys Dollar House, on one of the best sites within the grounds of Dollarbeg Castle, 20 minutes' drive from Gleneagles and within easy reach of Dollar Academy.
Built five years ago and improved further by the current owners, it has five reception rooms, six bedrooms, six bathrooms, swimming pool, gym, cinema room, and garden grounds of 0.75 acres. All this comes at a price – around £1.95 million. Contact Knight Frank's Edinburgh office.
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