Saint Property Dispatch. 9th June 2010 « Property News from Saint Property

Saint Property Dispatch. 9th June 2010
June 9th, 2010

Housing Market

May was the ninth time in ten months that saw a year on year rise in average house prices with the average house in Edinburgh selling for £230,559 an annual increase of 11.8% according to the ESPC.
The average selling time is just over three months, 6 weeks less than this time last year.
Following a harsh winter of both weather and movement in the property market the summer is already showing an increase in activity.
The lack of supply in 2009 looks set to be redressed in the summer of 2010 with more property becoming available with the top end increasingly likely to be sold off market. There are buyers ready to move quickly when a property that fits their specification is introduced to the market.
Saint Property considers this an interesting time to purchase with plenty of opportunities becoming available.
Further speculation to be held until after the budget on the 22^nd June which will have major implications for the property industry.

Mortgage Lending

The Council of Mortgage Lenders report that in the first three months of 2010 lending in Scotland fell by 33% on the previous quarter which was put down to purchasers bringing forward their purchases at the end of the year to take advantage of the stamp duty holiday which ended in December. However this was up by 28% in volume and 36% in value on the same period in 2009.
The CML policy consultant, Kennedy Foster notes that market activity tends to follow that of the rest of the UK but with a lag of around a quarter.
There are 3,100mortgage products on the market 42% more than in July 2009 but that is still 90% down on three years ago. The most significant growth has been in 5 year fixed products.
Some 85% - 90% mortgages are being reintroduced back on the market.
Many lenders are further restricting interest only mortgages with the best options available now from private banks.

Farmland

There is strong interest in farmland from strategic purchasers looking to expand their current business or those who have reached the end of role over period.
We predicted earlier in the year that more land and sporting estates would become available in the second half of the year and we are beginning to see this trend appear.
Time will tell if the discretionary purchaser will become active in the market with an appetite for sporting estates.

Saint Property

Saint Property offers advice to buyers looking to purchase property in Scotland.
We cover both residential & rural property ensuring a property purchase decision is made with sound advice.
We offer a pre-property purchase consultancy service for those who have found a property but need a second on opinion. We evaluate all aspects of a property on the purchaser’s behalf and report with an unbiased view of our findings.
Please forward this to anyone who may be interested in the Scottish property market.
Contact usfor advice on +44 (0)131 478 4533if you are considering purchasing a Scottish Property.