It has been a very interesting start to the year for the property market. After a very sluggish start in January, the number of new properties coming on to the market across Scotland picked up, with March being one of the best months ever. Although numbers were still considerably below peak market levels of 2007, Quarter 1 of 2016 was certainly moving in the right direction.
The extra properties coming on to the market were also reflective in the increase in purchases, which was driven to extreme levels in March with the introduction of the additional dwelling supplement coming in on the 1st April. This caused property investors to make purchases early to avoid the 3% surcharge (more on this in another blog). As an aside, I am still not noticing any cooling off with property investor activity although it is perhaps too early to say at this stage what the rest of the year will be like.
Developers continue to play their part with new sites coming on line and incentives, such as part exchange, being used where necessary. My feeling is that Quarter 2 will follow a similar pattern with April being slightly quieter but with a pick-up in May and June, with hopefully higher levels than 2015.
The main exception for the Scottish market is in relation to Aberdeen, which is going through a correction and I think 2016 will be a tough time for that market – again a blog to follow.
Partner – Head of Property
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.