Property predictions and advice for 2020

As brand new figures revealed that properties in Edinburgh, the Lothians and Fife sold faster than ever before in the last decade, our leading estate agent Jacquie Sandison has offered her predictions for the Roaring Twenties.

Figures by ESPC revealed this week that between 2010 and the start of 2020, the average selling price in Edinburgh, the Lothians, Fife and the Borders soared by 23 per cent from £206,144 in 2010 to £253,467 in 2019.

The statistics highlighted that the length of time
properties remained on the market before going under offer had decreased in the
last ten years, meaning buyers are more keen to snap up homes in each location at
a faster rate.

In Edinburgh city centre, in 2019 /20, properties
tend to be up for sale for 24 days before an acceptable offer is made, compared
to 54 days in 2010. In Edinburgh North it has gone from 74 days to 20 days.

In Edinburgh East it is now 19 days compared to 77 a
decade ago, while Edinburgh South West is has gone from 59 days to 27 days.

Jacquie Sandison, an estate agent at Watermans Legal, predicted that this year there may be a number of changes to the property market now that the election is behind us.

She also spoke about the potential
factors that could influence changes, from the impact of income tax to
Government schemes for new and old buildings.

Jacquie said: “With the election behind us and low
interest rates the Edinburgh property market should be moving forward.

Buy to Let owners may also sell up due to the impact of income tax; by April 2020 a landlord cannot deduct mortgage costs from rental income. Only a modest tax credit will be allowed.

“I would suggest that the Buy to Let market may
still attract Air BnB renters.

“Offices within historic buildings in the city centre are attractive for conversions to residential.

piggy bank with house and coins for money concept

First time buyers should be aware of financial assistance from a new government scheme, called First Home Fund, for new and old buildings.”

The latest findings from ESPC saw 2010 begin on an upward trend with an increasing number of homes coming to market, rising to a peak in 2015.

Meanwhile, buyer activity was slow for the first half of the
decade, with a marked increase in competition and demand since 2015.

Paul Hilton, CEO of ESPC, commented: “The past decade has seen significant changes to the property market in Edinburgh, the Lothians, Fife and the Borders. Entering the 2010s not long after the financial crash, there was initially signs of recovery which stalled shortly after.

“Since then we have seen many
fluctuations in terms of demand and supply, impacted by several factors, from
tax changes to political turbulence to the ‘Beast from the East.’

“After a decade of change at ESPC also, we will continue looking for ways to benefit buyer, sellers, landlords and tenants by adding innovative new features to our website, running a range of useful free events and providing free property advice to those who require it.”

For advice, contact our property sale solicitor.