14 Jul 2012

The Scottish Property Market

The Scottish Property Market

Harvey Aberdein, Managing Partner, provides an update on the state of the market north of the border.

Harvey Aberdein, Managing Partner, provides an update on the state of the market north of the border.

At long last the dust has settled on RBS v Wilson/Sheriff Mackie et al and something like normal service has resumed.

But not quite normal. We understand from our litigation colleagues that there is a backlog of cases and Decrees which are now flowing through.

For us in Asset Management that has meant record new instructions in both April and May. The team has been very busy but morale is high and the feeling is that it is good to get back to a busy working day after the travails of the last 18 months.

Prior warning of likely volumes from Litigation has been invaluable to us for forward planning and we have also liaised very closely with our contractoragents to ensure they have geared up as appropriate.

So record volumes of new properties - how has the market reacted?

Short answer - record ‘solds’ in May (and we believe June will also set a new record)

I believe that our team, our agents and our contractors have all risen to the challenge of increased volumes and have performed very well.

The market itself is interesting - to say the least!

On the one hand, we have experienced a level of Closing Dates (41% in May) not seen since 2008.

Whilst this has led to good prices being obtained it is clear that our blessed Home Reports continue to act as something of a ‘glass ceiling’.

On the other hand there are some real ‘cold spots’ where the market is extremely difficult. There is still little evidence of buyers from south of the Border and this is contributing to a general lack of interest in remoter country properties.

So the Highlands and Borders are areas which require a bit of thought.

That really is the key to the current market - recognising the strength or otherwise of each individually area (and property type) and formulating the marketing plan accordingly.

Harvey Aberdein, Managing Partner

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