30/04/2012GS Residential Review for April 2012

Market conditions have remained relatively stable throughout April with many more properties coming to the market replacing those which have sold. However recent reports of a reversion to economic recession and the upcoming local elections may prove to be a distraction and serve only to undermine much needed growth in confidence. Sales periods are still prolonged in many instances although properties which have been available for some time are selling at reasonable levels due mainly to sellers still being willing to negotiate but at increasingly more realistic levels than has previously been the case.
Kevin MacDonalds, Associate, Inverness [Inset photo]

The market continues very much in a similar fashion to what we have seen over recent months, where newer stock , which is sensibly priced is selling, older stock - where prices have been sharpened up to reflect current market are also selling. The key is for sellers to be well briefed as to what is a realistic selling price and to ensure their expectation are realistic- if so there is a
reasonable chance of selling their property. Where sellers are not realistic they will struggle to find a buyer, buyers are better informed that ever. in some areas there is oversupply, but where the prices are realistic they have a better chance of finding a buyer in sensible timescales.
Craig Henderson, Partner, Glasgow

There has been an increase in Seller enquiries in the first quarter of 2012. The increased number of Home Reports signals an increased supply of properties to the market, whilst demand remains restricted as a consequence of strict lending criteria for mortgage funding. Easter holidays signalled a slow down in enquiries and, as a double dip recession is announced for the UK economy, the bargain hunting culture of the UK consumer is set to continue. A mindset has been encouraged, by advisors, for home buyers to offer below Home Report value, which threatens to drive down the value of homes in Scotland. As we enter the traditional 'buoyant' summer period, the news of double dip, continued employment uncertainty, and the high cost of living may dampen consumer confidence; we can only hope that homebuyers spring out of winter hibernation to ignite some much needed momentum to property sales.
Andrew MacFarlane, Associate, Hamilton

31/01/2012GS Residential review for January 2012

Following a relatively bleak December the residential market has again picked up its pace with many new properties coming to the market throughout January.
In turn, selling agents are reporting increased enquiry levels and viewings, undoubtedly helped by the milder winter weather being experienced so far this year. Additionally a large number of Replacement Home Report instructions have been received, indicating older stock is continuing to sell.  Despite the relatively depressed wider national and global economies, it would appear that Aberdeen and the surrounding Shire commuting towns continue to buck the trend somewhat.
Darroch Robertson, Associate, Aberdeen Office

The start of a new year is always unpredictable. However, we have seen a good level of Home Report instructions in January. I do believe it makes sense to bring a home to the market early in the year to take advantage of any prospective purchasers out there. We have also undertaken a similar number of Replacement Home Reports, an indication that properties that have been on the market are now selling or going under offer. Whilst not dismissing the challenging market we will be operating in, I have an optimistic outlook for the year ahead.
Graeme Lusk, Associate, Kilmarnock Office

Photo: Darroch Robertson, Aberdeen Office

Crossbasket Castle

Graham + Sibbald provided pre-purchase valuation advise in August 2003, and thereafter provided a report to submit to the funders. We also offered our input with regards to the proposed redevelopment scheme, including advice on product mix, style and size and provided updates in terms of values dependant on what scheme is progressed. The client has now owned the property for 2 years, and a children's day nursery is operating in part of the castle.

Department:

Residential

Partners:

Craig Henderson