In this Market Update episode, we're joined by Mark Shanta, a seasoned estate agent and letting agent, to explore the latest trends in the Scottish property market.
We discuss the key developments from August, including changes in mortgage rates, fluctuations in house prices, and the latest shifts in the rental market. Whether you’re an investor, a first-time buyer, or simply interested in the property landscape, this episode offers valuable insights into what’s happening across Scotland.
Episode Highlights:
Mortgage Rates:
The Bank of England has reduced interest rates slightly, leading to a decrease in mortgage rates, which is positive news for the property market.
First-time buyers are showing increased confidence, with many properties selling above home report values and frequently going to closing dates.
House Prices:
The average property price in Scotland has risen by 4.3% over the past year, reaching £192,000.
Both hosts predicted a 5% increase in house prices at the start of the year, and the market appears to be on track to meet that prediction.
Rental Market Trends:
Rental prices in Glasgow have seen a decline after sharp increases last year, with some areas experiencing rent reductions.
The decline is attributed to the unsustainable rent increases seen in the previous year, leading to a market correction.
Political and Economic Impacts:
The episode discusses the potential implications of Labour’s proposed tax policies, including an increase in capital gains tax, which could affect property investors.
The impact of Scotland’s rent control policies is also explored, with a significant rise in rent adjudication requests following the end of the rent cap.
Census Data Insights:
A nearly 30% increase in the number of Scottish homeowners who have paid off their mortgages over the past decade reflects an aging population.
The number of households renting privately has risen by 9.5% since 2011, while social renting has slightly decreased.
Student Accommodation:
There has been a 68% increase in the number of people living in student accommodation, driven by the growing demand from international students.
Challenges in Property Investment:
The process of obtaining buy-to-let mortgages through limited companies remains challenging, with extensive paperwork and delays.
Potential changes in capital gains tax could impact the decisions of property investors and slow down the market.
Tune in to this insightful episode as Mark Shanta and the hosts delve into the latest market updates, offering expert analysis and practical advice for navigating the current property landscape in Scotland.
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