News

The Council of Mortgage Lenders (CML) shows that house purchase lending fell dramatically in February 15, down 16% on the same month last year. January was also down, but only 1%. We await figures for March.
The Director of the CML suggests this is due to the uncertainty of the General Election and anticipates a surge in the market in late spring. Little comfort for those of us North of the Border who felt the same effect leading up to the referendum.
Hopefully the market will get a clear signal in May, but I doubt if the election will put an end to the uncertainty, we may well end up with a cocktail of coalition partners and it will take time to see what influence each ingredient of the cocktail will have on the day to day running of the Country and therefor the property market.
Everything is ready for a surge in the property market, interest rates low for the long term, disposable incomes rising, more sensible valuations and venders accepting the adjustments to the market. We are still maintaining our viewing numbers.
Ironically with all the positives, the rental sector is booming and rents have increased by over 10% in Scotland.
We await the election results with anticipation!
Bill Reid BEM BA NAEA DipPFS
Reid Estates