Now is time to home in on changing property

There’s no doubt the last six months have been tough for pretty much the whole population, with all of us having to adhere to a new way of living our lives.

Whether that’s working from home, mandatory wearing of face coverings or social gatherings, every part of society has been affected.

Indeed, having reached October, after seeing a significant reduction in Covid-19 cases in recent months, we are now in the middle of a mini-lockdown in an effort to limit further spread of the disease.

One area that experienced a particular impact was the residential property market and, unsurprisingly, this whole sector pretty much shut down, not least because the Registers of Scotland, where title deeds and mortgage securities are registered, closed with almost immediate effect, putting thousands of house moves on ice.

However, since that time, the market has probably experienced its busiest period in recent memory, with many of those paused transactions completing, and lockdown creating huge pent-up demand.

For around three months estate agents were either closed or operating with skeleton staff, resulting in a lack of stock coming on the market.

In the north, what this has done is help older stock, properties which have been on the market for some time, to sell.

A further positive feature is that some properties have been going to a closing date, receiving offers in excess of their home report value, something that had become relatively rare in the north-east.

So the question remains, is this a good time to buy and sell?

The answer is yes. Covid has certainly given people a reason to re-assess what they need from their new home, resulting in a surge of buyers.

Ho m e working also means an increasing number of people now require an additional bedroom to convert into an office. Outdoor space also became a priority.

If you are looking to sell, it’s vital to ensure that whoever is selling your property is able to reach buyers digitally, mainly because most property research is now done online.

Virtual property tours have really taken off and are now more advanced than they’ve ever been – make sure you have a savvy agent that’s going to drive web traffic to that tour.

Fo r buyers, the key message is to beef up your deposit as much as possible, with most lenders now looking for a 15% deposit.

If you’re unsure about any aspect of borrowing to buy your home, go and see an independent mortgage broker, it could save you a lot of hassle and money.

Finally, don’t forget, if you’re buying your main property, up until March 31 2021 you pay no LBTT, ( Scotland’s equivalent of Stamp Duty) up to £250,000. Normally the tax would start at £145,000.

So what are you waiting for?

Alan Cumming assesses the current state of the market.