01 Sep 2011

Asset Management - The Scottish Market

Asset Management - The Scottish Market

Harvey Aberdein, Managing Partner, provides an update on the state of the Scottish housing market

Harvey Aberdein, Managing Partner, provides an update on the state of the Scottish housing market

The Scottish House market is a strange animal at the moment. It is difficult to generalise but here are a few pointers:

  • The “Wilson” cases have now all but washed through the system. We are left with only a very few problem cases where there are second charges and the Lenders will not Discharge. We are enlisting the help of the CmL here. Otherwise the Law Society may prevail upon the Keeper of the Registers to change her stance. 
  • We have single figure 3 months + stock in total for all our Lender Clients. 
  • Repossessions have again begun to flow onto the market – August being around double the total for July (we expect significant increases in numbers for the rest of this year). 
  • Developers still seem to be out there (with cash) but many are biding their time until numbers increase. 
  • Overall, numbers of properties for sale in Scotland have increased significantly since the last quarter due to a Summer of disappointing activity across the board. 
  • Whilst the market continues to be somewhat patchy, generally, there is little confidence around and prices continue to decline. We estimate a further fall in values of up to 5% before year end. n 
  • However, to end on a more optimistic point; strangely, Closing Dates are now appearing in growing numbers and for these individual properties decent prices are being obtained. So perhaps a ray of hope at last?

The message for success remains the same:

  • make sure the property is presented in the best possible light,
  • ensure valuations are correct and current.
  • price competitively, and
  • choose the best and most appropriate local agent

We have geared up for the expected increase in numbers:

  • Six geographical teams have been established covering all of the mainland and islands.
  • We have expanded our No. 1 selling agents panel to over 100 and are working to bring our reserve panel up to a similar level.
  • Finally, our software system has been completely rewritten and will be launched this month. It has been designed exclusively for the Scottish market and we believe it is, by far, the best in the business!

We are in for an interesting run between now and the end of the year and, as usual, we will use our very best efforts to ensure that our clients and their borrowers achieve the very best prices for their properties.

We will also keep our clients fully appraised of all developments in the market.

Harvey Aberdein, Managing Partner

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