Summer Housing Market Report: Scotland
Mixed Messages
Key Statistics
While an economic storm is brewing, the property market continues to be brisk as a shortage of properties to sell continues to underpin market activity.
Brisk market
The housing market remains busy. Compared to the last ‘normal’ market of 2019, buyer enquiries are up 31% and mortgage approvals and sales are up by 12% and 11% respectively. However, there are half as many properties available to buy and stock levels are down 55% (Rightmove, HMRC, Bank of England). The prolonged mismatch between demand and supply continues to support prices. On average, properties are selling subject to contract in just 31 days, the quickest time ever recorded. With competition for properties remaining high, Rightmove report that asking prices have hit their fourth consecutive record high in as many months.
Over 433,000 homes in the UK changed hands in the fi rst four months of 2022, making this the third busiest start to a year since 2007. Last year was an exceptional year due to Covid-19 and 2016 saw a surge prior to the introduction of the 3% additional homes surcharge. Except for last year, April 2022 has been the busiest since 2007 (Dataloft, HMRC). Scotland has seen the highest rate of property turnover of any region in the UK over the past year. Midlothian, the City of Glasgow and Renfrewshire are currently the most active housing markets in the region.
A perfect storm
Economic headwinds are gaining momentum. Expectations of global and UK economic growth have been pared back, while consumer confi dence has plummeted to its lowest level since records began in 1974. Optimism is weaker than during the global fi nancial crisis, Brexit or Covid-19 (GfK). The Covid recovery, war in Ukraine and rising energy and food prices, alongside a strong labour market and low unemployment, have created a perfect storm. Infl ation is pushing a 40-year high. Thanks to fi xed-rate mortgages, many households are cushioned from the impact of the latest base rate rise, but day-to-day budgets are increasingly feeling the squeeze.
Double-digit property price growth remains evident in many localities in Scotland, although annual price growth has moderated slightly compared to a year ago (ONS, UK HPI). Across Scotland there is less than two months of available stock left to sell, down by almost half on the historical norm.
Click here to read the full F&C Summer Housing Market Report: Scotland
Properties for sale in Scotland
Newcastleton, Scotland, 5 bedrooms
An outstanding Georgian manse located in the heart of the popular village of Newcastleton. This fine property offers versatile and luxuriously appointed accommodation. The property is set within a beautiful, enclosed garden and has the added benefit of a detached double garage. Dalkeith House is an outstanding Georgian manse located in the heart of the popular village of Newcastleton. Originally built as the manse for the neighbouring church, this fine property offers versatile and luxuriously appointed accommodation. The property is set within a beautiful, enclosed garden and has the added benefit of a detached double garage.
Canonbie, Scotland, 5 bedrooms
Rowanburn Hall is a fine detached family home set in an attractive and highly accessible rural location close to Canonbie. Formerly the village school and school master’s house, this attractive period property is set within a generous garden and has the added benefit of superb open views. The property is in good condition throughout, with flexible accommodation, quality fixtures and fittings and quirky features.
Thornhill, Scotland, 5 bedrooms
A superb country house with extensive outbuildings, planning permission for conversion of the former carriage house, land extending to 1.74 acres and stunning views. An excellent business/lifestyle/development opportunity. Easy access to Edinburgh and Glasgow, and only 5.5 miles from the attractive town of Thornhill. Muiryhill Farm is a superb country house with extensive outbuildings, planning permission for conversion of a former carriage house, land extending to 1.74 acres and stunning views. Built of traditional construction under a slate roof, this detached property sits well back from the quiet road in established grounds and enjoys views over the rolling countryside.
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30th May 2022
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