A positive return to the residential property market in Scotland.
Well, it has been almost four months since the housing market reopened for business and what a busy time we’ve had at Delaney Graham! There was lots of speculation about the residential property market at the time but as we predicted the pent up demand for home moves was very apparent after lockdown, with lots of sales and purchases completing as soon as the legal framework allowed. It was almost as if everything that had been on hold since the end of March was suddenly ready to go. Add to that the new enquiries and instructions and you’ll be able to imagine how busy a time it has been.
A busy residential property market
The market rebounded almost immediately and we have received a record number of new instructions for conveyancing matters over the last four months. Consequently, we have been working extremely hard to get everyone moved as efficiently as possible whilst maintaining our own service levels that our clients have come to know. The property market has continued to remain busy, with buyers and sellers from Shetland to Dumfries & Galloway continuing to complete transactions and providing fresh instructions. And it’s not just Delaney Graham that has been busy. We’ve been talking to property professionals across Scotland who all report that they are working flat out to get people moving. From estate agents to mortgage brokers, building surveyors to mortgage lenders, everyone has been really busy keeping the market wheels turning.
Land and Buildings Transaction Tax (LBTT)
On 15th July 2020, the Scottish Government announced that there would be an LBTT holiday to help buyers ease out of lockdown and get back onto the property ladder. Until 31st March 2021, LBTT is removed from purchases up to £250,000 meaning that buyers paying up to this amount will not pay this tax before this date. The LBTT holiday applies to first time buyers and those moving on from an existing home.
This is a welcome change for the housing market but remember – if you want to take advantage of the LBTT holiday your purchase needs to settle before 31st March 2021!
Buying and selling
Following lockdown, due to demand it wasn’t uncommon to see properties going to closing dates with multiple parties noting interested and ultimately offering for those properties. In many cases, we saw in excess of 20 offers going in for certain properties with many properties selling for sums well in excess of the market values. While it’s true that this level of offering has calmed down since the summer, our experience is that there are still plenty of buyers competing for a limited stock of housing, so if you think that you can agree a price for a property before it goes to a closing date please contact us straight away before anybody else beats you to it. We are still receiving new instructions from clients wanting to offer for property on a daily basis so contact us if we can help you too. You’ll find our details at the bottom of this article.
Offering for property
Fortunately, the partners at Delaney Graham have over thirty years of experience in the residential property market. In the instances where the competition is fierce and our clients aren’t willing to pay in excess of where they perceive the value to be, our clients know that we’ll be more than happy to offer for them again on another property and that we don’t charge for this service. We prefer to take a longer term view on getting our clients what they want as opposed to charging fees for each offer made.
The next few months
We expect to continue to be busy right up until the Christmas holidays and into 2021. If you’re interested in buying or selling a home or any other aspect of residential property you can call us directly on 0141 483 4450, email us at firstname.lastname@example.org or contact us through our website at www.delaneygraham.co.uk. We also have connections with an extensive network of property professionals whom we know and trust so we can point you in the right direction whether you are buying and need to arrange a mortgage or selling and need an estate agent.