The Glasgow property market has seen an incredible year of growth in 2017, and at Vanilla Square we have also seen prosperity with a record year across the board. Looking ahead to 2018, we look at a few notable aspects of the property market that will impact the local buying and selling landscape.
First Time Buyers Tax Relief
In a move that mirrors Chancellor Hammond’s Autumn Budget, Finance secretary David Mackay announced a new tax relief for first time buyers in Scotland. The Land and Building Transaction Tax relief is expected to affect 80% of the first-time buyers market and offer savings of up to £600 for property values of up to £175,000 (source).
The move will most likely further increase the competition at the entry level of the market, making the first step of the property ladder more achievable for this growing buyer group.
Mortgages stay affordable
Another good sign has been the relative stability of interest rates. Although the Bank of England interest rate increased by 0.25% in November last year, the impact has shown to be modest on the level of monthly payments made by those on a standard variable rate (SVR) mortgage. More on how the increase in interest rates affected mortgages here.
Those seeking to buy will continue to find mortgages affordable and competitive at these current rates, with a continued increase in potential buyers looking probable over the coming months.
Scottish Property Market the strongest of the UK
We have seen Glasgow and Edinburgh report the strongest property value increase across the UK in the last year, with no sign of slowing down. Glasgow leads the rest of the country with an increase of 7.9% in the 12 months to November 2017. (source) While the average property prices are still some of the lowest across the UK, affordability drives demand.
We see this on a daily basis in the enquiries we get from hopeful buyers looking to secure their dream homes in and around the greater Glasgow area. With no slow in demand for property in the area, the market looks set to continue to thrive in 2018.
Vanilla Square – highly personal sales and lettings! Whether selling or letting property, you will always be liaising with one of our business partners, which makes our service that much more responsible and approachable. When you instruct us, your property will reach a wider audience as we are one of the few agents who are present on all the major property portals to offer sellers and landlords maximum exposure. If you’re looking to buy, sell, rent or lease your property, or you’re simply considering the idea, contact us by calling 0141 229 0210 or pop into our new office at 711 Great Western Road. One of our partners will be delighted to help and provide you with impartial, expert advice.