Scottish property boom – the 3D effect
The reopening of the Scottish property market on 29 June has caused a post-lockdown housing boom, with homes in Glasgow and Edinburgh selling faster than anywhere else in the UK. According to Zoopla1, Glasgow properties sold within just 16 days between 13 May and 13 August this year, with Edinburgh hot on its heels at 17 days.
The 3D effect
Property experts2 have attributed the post-lockdown boom to three main factors – or the 3D’s:
• Desire – being cooped up for months during lockdown has made many Scottish homeowners reconsider what they want and need for a home, prompting a desire to up sticks
• Demand – with thousands of property sales on ice over the lockdown period, it’s not surprising that so many buyers and sellers were raring to go once the property market reopened!
• Deposits – saving thousands on LBTT means that buyers now have bigger deposits, making mortgages more affordable.
Budgets on the rise
It’s little wonder, then, that many prospective buyers have raised their aspirations; since the LBTT holiday began, more buyers are reported to be looking at properties within the £500k–£750k price bracket3.
Even among those not planning to move, property remains a priority. The home improvement frenzy that began in lockdown continues.
Contact us to get your property plans moving.
2Scottish Property Centre, 2020
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.