Conveyancing in Scotland after Lockdown.
As of 29th June 2020, Scotland is back in business for house moves. We thought we’d give you a little flavour of what’s been going on in lockdown and where we think the future lies for the Scottish property market.
So what happened?
The last three months have certainly been challenging for everyone. Life and the way we lived it changed and there was little time to prepare. Delaney Graham had to adapt, but when the news came that we had to work from home, we were ready! Our business was deliberately built from the bottom up on technology, both to create a secure environment that could withstand just about anything, and to make communication with our clients as easy as possible.
We know that not all other businesses have been so lucky, and this was evidenced during lockdown. But there were still property deals going ahead and conveyancing completed, where the rules allowed for it, so the market did in fact continue. Now that Scotland is officially open for business as far as the property market is concerned, conveyancing can resume, and everyone can start to move again.
Delaney Graham has always maintained strong links with professionals from across the Scottish property market. When lockdown arrived, we knew that these links were essential for both our respective businesses and clients. That’s why we decided to make sure that we always had open lines of communication and kept in touch with everyone as much as possible. We found that although it took a bit of getting used to, everyone soon began to change working methods to suit the situation.
Our own systems ensured that we were always contactable and the transition was seamless. For business continuity this was always a priority for us.
It was quite interesting to see that almost all of our clients remained positive and decided to take a longer view on matters and not make snap decisions based on immediate issues. Our own experience is that our clients still want to invest in the Scottish property market and continue to move home. Our clients come from all kinds of backgrounds – some are first time buyers, some buy to invest and, as you can imagine, many are simply upsizing or downsizing, or moving to different locales. Now that the green light for house moves is once more illuminated, we expect a busy summer!
What is the market like?
One thing we can tell you is that we are busy with new instructions! We think that people are ready to get things back on track and eager to progress with their own property transactions. As you can imagine, so are we. Our own connections and conversations with other property professionals reveal the same thinking – everyone is ready to go.
What about prices?
It’s probably a bit too early to make any definite predictions about house prices, either up or down. What we are seeing is that there is still competition at closing dates for popular areas and the market has not followed the downward trend we saw in 2008. Lending is still available and at historically low rates of interest, it’s more affordable now than ever. As in everything the market moves with supply and demand, and our own experience is that demand is still there. It’s probably true that some buyers will be a little more circumspect about purchase prices, but so far we’ve not seen a really significant change in house prices.
Has borrowing changed?
You’ve probably seen in the news that some mortgage lenders now want a slightly larger deposit than before lockdown. The good news is that the Government Help to Buy Scheme has been extended to March 2022, so there are options available to first time buyers, who tend to be the group who are most affected by deposit sizes when trying to get on the property ladder.
If you are thinking of buying or selling property in Scotland, then get involved! The market is open again and we are already seeing the uptick. Speak to your estate agent or mortgage adviser about your situation, and of course, speak to us! For Delaney Graham and our clients, it’s business as usual and we’re ready to help.
Get out there!
There’s no time like the present so if you’d like more information on this subject or our assistance with a property matter, you can call us directly on 0141 483 4450 or contact us through our website www.delaneygraham.co.uk.