I have been reading with interest the various reports that have come out in the last few weeks detailing the state of the Scottish housing market. All with the exception of a report from the Daily Express have been full of doom and gloom, indicating house price falls and activity levels down.
As I mentioned in a previous post, it is always important to treat house price reports with a degree of caution, particularly at this time of year. Whilst the housing market is not as seasonal as it once was, there is no doubt that in general you see an uplift in activity at the end of February which slightly dips with the school holidays in April. There then tends to be a peak in June with activity levels dropping for July and the middle of August. There is then the autumn surge which usually comes round about the end of August with the schools going back from the summer holidays and then there tends to be a surge at the end of December as people try to get into their properties before Christmas.
My experience for July 2010 is that there has been a higher than expected level of properties coming on to the market, coupled with the usual quietening down of the number of purchasers which is to be expected for this time of year. I think the end of August will be a telling time at which point we will be able to decide if the increase in market activity will continue or if we will get the slow down as expected.
Figures from the Registers of Scotland indicate that on average activity in the Scottish market is between 10% and 20% up on a month to month basis. My feeling is that for the rest of 2010 we will see activity levels much closer to 2009 levels with house prices remaining stable. I will keep you up-to-date as soon as more information becomes available.
The opinions expressed in this blog are of the author only and do not necessarily represent the opinions of Blackadders LLP.
Blackadders takes all reasonable steps to ensure that the content of this blog is accurate and up to date. The blog is not, however, intended as a substitute for seeking legal or other professional advice but rather as an informative guide to the services provided by Blackadders and topical legal developments. Blog users should always seek advice tailored to their specific situation. Consequently, Blackadders accepts no responsibility for any loss or damage suffered by anyone acting or failing to act on the basis of information contained on this blog. Downloading of material contained on this site is at the user’s own risk and all necessary virus checks must first be carried out by the user. Blackadders is not responsible for the material found on any web sites linked to this one and links to this site may only be made with Blackadders prior consent.
Blackadders owns the copyright in this blog and all material contained on it. The material on this blog may be downloaded for personal use only and must not be altered. Otherwise, Blackadders’ written consent is required before any material on this site is reproduced, copied or transmitted in any way.
Information passed to us via this blog is kept confidential and will not be disclosed to third parties except if authorised by you or required by law.
© Blackadders LLP 2020
Members of the Law Society of Scotland.
Blackadders Solicitors is a trading name of Blackadders LLP, a limited liability partnership, registered in Scotland No SO301600 whose registered office is 30 & 34 Reform Street, Dundee, DD1 1RJ. Reference to a ‘partner’ is to a member of Blackadders LLP.