Anne Littlejohn and Gavin Cooper of Raeburn Christie Clark & Wallace offer an expert view on the local property market…
For the property market, each Spring marks the start of a new season as both buyers and sellers emerge from the winter months and start to put their plans into place, whether it’s a first home, a bigger place for the family or downsizing to something more manageable.
The current economic climate in Aberdeen has had a slowing effect upon the property market, leading to less competition for properties than there has been in recent years. Consequently, prices have stopped rising rapidly, properties are taking longer to sell and there is more property on the market at all price levels. Many sellers have revised price expectations which means buyers face less negotiation to reach a settlement that is acceptable to both seller and purchaser. For those considering a new build, housebuilders are offering heavy discounts and attractive incentives, such as free flooring, part exchange opportunities and Land and Business Transaction Tax contributions.
Mortgage lenders continue to offer favourable interest rates and deals, with lower deposits required, making buying more affordable for first time buyers. Fixed Rate mortgages allow for longer-term budget planning. The UK Government has also introduced the Help to Buy ISA which allows first time buyers to invest up to £12,000 with a Government bonus of 25% that can be used towards the deposit for a new property.
Raeburn Christie Clark & Wallace is a full service legal firm, able to provide you with not only independent financial advice, but also impartial legal advice on your purchase whether of an existing property or new build.
To discuss buying or selling a property, pop in to one of our offices, or call 01224 564636. www.raeburns.co.uk
Aberdeen – Banchory – Ellon – Inverurie – Stonehaven