How is property faring in Scotland? Is it suffering in the same way as the rest of the UK? And is London still the benchmark?
Outside England and Wales, Scotland’s property owners and buyers are less concerned about the global economic slowdown than elsewhere in the rest of the UK, according to property website propertyfinder.com
A survey undertaken by the website of 3,500 consumers showed that compared to house-hunters across the rest of the UK, Scottish buyers and sellers were more positive about house prices.
Almost one in three (29%) of Scottish house-hunters said they thought house prices would be higher in 12 months time, compared to only one in five (21%) across the rest of the UK.
Overall, people in Scotland expect prices to fall by 3% over the next year, compared to people in the UK who expect prices to fall 5% in the same period. One in 10 people in Scotland thought house prices would not change at all.
Director of propertyfinder.com Nick Leeming commented: 'Scotland has proved resilient in the face of the global credit crunch so far, with house price growth slowing but not showing the same decline as the rest of the UK.'
'This is reflected in the elevated confidence of house-hunters in Scotland. This is possibly due to the fact that house prices are much lower in Scotland - around 25% lower on average - which means they have a smaller distance to fall anyway, and are more affordable in relative terms than the rest of the UK.'
Russell Hunt, managing director of Property Hunt, a London property search agency, says asking prices are now widely viewed as a guide price by buyers, from which they calculate their own valuations.
He said: 'A property is only worth as much as someone is willing to pay. Bidding wars are not around the corner, but more offers could be made on desirable properties. Sought after locations, such as Chelsea, Kensington and Notting Hill, are likely to experience the highest increase in buyer activity as purchases here are seen as a "safe bet"'.
'The falling price of sterling is making London even more appealing to international buyers, so the net is widening and the number of viewings will increase. Those individuals in a position to buy will be focused on long-term capital growth from sought-after locations.'
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