Scottish property market not all doom and gloom says Head of Estate Agency Carl Warden
Despite challenging times in the Scottish property market, a leading expert maintains that the positives far outweigh the negatives.
Carl Warden, Senior Associate at leading land and estate agent Bell Ingram, believes that there are good signs for the market despite difficulties which have constrained certain sectors.
2017 saw the strongest residential market in a decade while house prices in Scotland are expected to grow by 17% over the next five years, up three percent on projections for the rest of the UK.
Carl said: “Last year was really strong for the market, with more than 100,000 transactions.
“Although the bulk of these transactions were for properties under £200,000, the strongest growth in activity was above the £400,000 mark, with a 23% annual increase.
“The new build sector is preforming well, largely driven by the lack of second-hand properties available and the incentives offered by developers.
“We recently brought to market eight luxury apartments within a B-listed baronial mansion in Oban and all eight apartments were reserved within 48 hours.”
Despite the positives, Carl is warning that Land and Buildings Transactions Tax (LBTT) is supressing the market.
The Tax, which replaced Stamp Duty back in 2015, is paid on transactions of land within Scotland.
Carl added: “The Government is more focused on getting people onto the housing market than relieving pressure at the top end.
“New rental taxation, laws and leases are attempting to release housing stock back to the market but rents are increasing to recoup the loss.
“In short, the policy is supporting the lower end of the market but making things harder at the top.”
Tel: 01738 621 121
About: Carl heads up the Residential Estate Agency division for the company and has a proven track record within the Scottish property sector. He has been marketing property in the Perth and Kinross area for over 35 years and has vast and detailed practical experience and knowledge of selling prime residential property: from period homes to contemporary developments. Carl is well known in the local area, having developed excellent relationships with buyers and sellers. His wider role involves looking after and supporting our Agency teams and colleagues in Oban, Beauly, Ayr and Forfar. Interests: Estate Agency, Market Valuation, Negotiation.
Article posted on 11/05/2018