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If you are buying, selling or investing you need to first understand what’s happened, what’s happening now and what will happen to prices in the future. The data shows that house prices in Scotland are up year on year, by only by 2.4% versus a long term average of 6.3%. The data also shows house price growth has slowed significantly since the credit crunch, with only 6% growth over 12 years. However, those lucky enough to have bought at the market low in 2009 would have seen, on average, 28% growth. So part of understanding what your property is worth when selling is to work out what’s happened to house prices since you bought the property. Read more for in depth analysis of the Scottish property price, rental and buy to let market.
In this article, John Midgley, Head of Leasehold Enfranchisement at Seddons Law LLP and Director of the Association of Leasehold Enfranchisement Practitioners (ALEP), examines the steps that need to be taken to purchase your freehold when your landlord is missing.
The consistent view running through this month’s indices is that there is little supply for buyers to choose from, but for those that are selling, there are deals to be done as the NAEA point out. Rightmove report there are "fewer new sellers than in the same period a year ago… the largest year-on-year slump in any month since August 2009” and Home.co.uk suggest that “Zoopla listings’ data shows that the number of new homes listed for sale per agency branch this year is lower than over the last four years”. A tough market therefore for buyers looking to purchase and indeed for the industry - who will no doubt be hoping the election will allow some certainty on how the country will move forward, and this will result in an early uptick in activity in 2020, rather than uncertainty and a slow market. To find out more, read Kate Faulkner's latest comprehensive price report.
Although a little later than planned, the property pundits have been working their magic to help inform us of what might happen in 2020 and in some cases, over the next five years. Read the article to find out what could happen to prices in 2020.