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 Half Yearly Review June 2004

The Property Market

The 2004 housing market is proving to be very much stronger than the majority of predictions. The Nationwide recently revised their forecast for the year from a 9% increase to 15%. The Halifax has made similar predictions and whilst these figures are for the UK as a whole, they reflect the state of the Scottish market.

The question that everyone is asking is “How long can this be sustained and will there be a crash?” Most commentators feel that the market will remain strong but the upward trend of interest rates will slow the market down. They also feel that it is highly unlikely that the market will crash as the economy is in much better shape than the early 1990’s.

Bell Ingram has achieved some excellent results at closing dates with properties selling well as a result of stiff competition between purchasers. One group of purchasers who are struggling are the first time buyers as it is becoming increasingly difficult to gain that all important first step on the property ladder. Thought is presently being given by the Executive to a new Planning Bill which is a golden opportunity to alleviate the problem. Professor Sir Donald Mackay in a recent article on rural housing, applauds the Irish approach of identifying specific needs for an area including all home owners whether they be first time buyers or second home owners. The latter group are often seen as villains who push up prices beyond the reach of first time buyers. However rural generated housing needs should be accommodated where they arise and this should be all inclusive. A structured planning policy to cater for all requirements is preferable than a one sided outlook where a group such as second home owners are disadvantaged. It is hoped that the Executive will keep an open mind as a balance of home ownership will ultimately benefit communities, especially those in more rural areas.

Isla View, Angus

Bell Ingram has been instructed on a variety of properties this year. These vary from Kinermony House – a gracious Speyside property at offers over £650,000, to Isla View – a traditional house with river frontage at the foot of the Angus Glens at offers over £290,000 and Richardson Road – a unique development opportunity for the refurbishment of eleven listed houses at Tormore Distillery near Grantown-on-Spey at offers over £550,000.

Tormore, Grantown on Spey

We look forward to the expansion of the estate agency operation to provide an increased service to our clients through the new Bell Ingram office in Inverness.

Martin Long

Some of you may recall that three years ago we published an article entitled “Hidden Assets” in which we indicated that Planning Authorities were generally taking a more positive view on the development of redundant farm buildings. Although much still depends on the Local Authority involved, this trend has indeed continued, with a noticeable surge of rural developments taking place in the last few years. Demand is still strong, but we now see crucial factors coming into play:

•  To be viable, many such developments require a combination of new build and conversion.
•  Location continues to be of paramount importance to the type of development envisaged.
•  Our Estate Agency colleagues advise that quality of design is now vital; mundane architecture can result in properties “sticking” on the market.
•  The owner must continue to carefully weigh up the nature of his financial risk against potential returns. There are many ways to package the development from the financial aspect.


Westbank Steading

Our recently completed residential scheme at Westbank Steading, Longforgan encompasses all of the above and clearly demonstrates what can be achieved with redundant farm buildings which,  to all intent

Westbank Steading

and purposes, appear to be of no use. In this case, both the steadings and some adjoining land fell within the settlement boundary of Longforgan. As such, an element of new build housing was possible alongside the converted steading proposals.

Fortunately, with this project we had an enlightened Client in Tighmór who understood that careful attention to detail, bespoke design and high quality materials were key factors in the success of this development. Added to this, a superb location with stunning views secured quick sales and satisfied purchasers.

All types of farm buildings of traditional construction (i.e. stone and slate/pantiles) may be considered for development. Although structural condition is a factor in the viability of some projects, this is something we can advise upon. If you think you may have property which may have potential, we would be happy to provide preliminary advice. Please contact our Architects with particular experience in this field, Iain Cram or Mary Murray, should you wish to explore your opportunities further.

Mary Murray