The Herald - The Herald Magazine
THE VOICE OF PROPERTY
HIGHLIGHTING property sales activity above pre-pandemic levels in the first two months of 2023, Savills predicts the Scottish residential market to remain resilient for the remainder of the year. Addressing the Scottish Property Outlook Conference in Edinburgh recently, Faisal Choudhry, the firm’s head of residential research in Scotland, revealed: “We are witnessing a price sensitive market as buyers exercise more caution due to stretched affordability. The prime residential market in Edinburgh and across Scotland, will outperform the wider UK market as it is largely driven by equity rather than borrowing. Whilst the overall UK market will remain challenging this year, Scotland’s value gap, quality of life and the strength and depth of Edinburgh and Glasgow’s economies means there is more capacity for growth. We forecast the Scottish housing market to be primarily driven by needs-based buyers in the short term, with a fiveyear combined growth rate of 9.5 per cent by 2027, outperforming the UK figure of 6.2 per cent.”
THE latest Scottish Government housing statistics reveal the extent of the deficit in the number of new home building starts across all sectors, with a 12 per cent decrease in the year to end September 2022 compared to the previous 12 months. This is set to add to the housing shortfall of more than 110,000 homes that has accumulated in Scotland since 2007 when the pre-financial crisis completion levels were 25,000. Jane Wood, chief executive of sector body Homes for Scotland, comments: “Whilst there was a much needed ten per cent increase in the number of new homes completed in the year to end September 2022, this positive news is again offset by the 12 per cent overall fall in the number of starts. Particularly worrying in the context of the Scottish Government’s Affordable Housing ambitions is the 27 per cent drop recorded in housing association approvals. The appointment of the new First Minister presents the perfect opportunity to review the regulatory areas and other issues creating blockers to residential development across sectors.”
A NEW report highlights the importance of energy efficiency when it comes to finding a new home - and says potential homeowners are happy to pay an average of £16,130 more for an energy efficient property. Insulation, double or triple glazing, and renewable energy sources are all featured in the list of the 10 most common things homeowners are currently looking for, as compiled by property management firm First Port. Good-sized rooms and a large garden also scored highly. Changed days from when a kitchen island would have made the list…
HOUSE buyers in the Edinburgh area are invited to come and see Dandara’s new homes at Foxhall Gate in Kirkliston this weekend (1-2 April) and chat with experts (including financial advisors) who will be on hand both days from 11am to 5pm – no appointments necessary. On offer at this new development, just a few miles from the iconic Forth bridges, will be an Arran showhome and an Orkney viewhome. However, this development caters for most budgets with a choice of two, three, four and five-bedroomed styles available, some with valuable incentives. For more details visit www.dandara.com/foxhall-gait