Click on the Finance Checklist of your choice below:
Every month different property price indices give their view on what is happening in the property market. The reason it’s important to understand these headlines, is that they will influence what the newspapers and media say is happening – and for those that don’t know the real story behind the numbers, it can affect whether they buy or sell property, which in turn impacts on the price you will pay or receive. For investors, it also lets you know whether you are likely to get a good deal OR end up overpaying for a property which is often a ‘death knell’ for making money. Read my article to find out what's really happening to property prices.
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.
WaterSafe, the UK register of approved plumbers, is urging homeowners to stop, find, check and label their internal stop tap and make this job the top of their ‘to-do’ list this winter.
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.
