September 2012 Quarterly Report
In our most recent Quarterly Report for this year, we consider the performance of the Scottish residential market over the first half of 2012 and what this is likely to mean for the rest of this year and beyond. This is timely given the recent release of the Registers of Scotland official statistics on the whole Scottish housing market for Q2 2012.
As Scotland’s leading independent property company, we work across the whole market, from Sales to Lettings, Property Management, New Homes, Farms & Estates, Land, Development, Valuation and Residential Investment. This joined-up, comprehensive service means that we have unrivalled access to market knowledge and information in order to provide Scottish-based research for the Scottish market. We also endeavour to tell people what they need to know rather than what they want to hear.
Our main conclusions on the performance of the housing market for the second Quarter of 2012 are:
• 2012 started well, but has faltered a little, mainly as a result of return to recessionary economic conditions and negative consumer sentiment. However, transaction levels are around 9% up on last year.
• The number of transactions for prime properties, in both Edinburgh and Glasgow, have increased in the last year, but remains well down on normal market levels.
• The volume of rural sales has continued to lag those in the cities.
• Rental demand continues to grow.
• Limited bank lending continues to affect first time buyers, investors and house builders, despite improving mortgage affordability for households.
• There is some improvement in the new homes and development markets, but conditions remain challenging, particularly in accessing finance for building and for mortgages. There have been particular successes in developing new models for delivering new homes and this bodes well for the future.
About Rettie & Co Research
The Research and Consultancy Team at Rettie & Co can help you to understand and make the right decisions on what is happening and likely to happen in housing markets. We offer advice that is robust, objective and based on not just analysis of these markets, but through engagement with our other teams who work in these markets on a daily basis.
For further information, please contact:
John Boyle firstname.lastname@example.org 0131 624 4073
Nigel Shekleton email@example.com 0131 624 9051