 March 2006 - Property
News with Bruce de Wert Despite the cold days we have been having, one area that does not need heating up is the housing market in the North. Since the end of January, the market has steamed ahead, a happy event for sellers but not so rosy for buyers.. There is a definite split in the market between "town" and "country", the price of country properties being very much dependent upon confidence within the English market. It was remarkable to see, for October of 2005 to the end of January this year, a decided slump in this sector of the North market put down, generally, to the decline within the English market earlier in that year. This has now reversed and buyers have returned in numbers, with consequent joy for sellers, here. Prices in this sector are already well ahead of those for the same period last year and show every sign of continuing to do well with the "Easter rush" of English buyers still to come. For those properties selling to the local market, we are seeing very good prices for well presented up-market modern homes on the Thurso side. Wick has seen good increases in value over the last year but these have tended to be in the mid value range, which is unsurprising bearing in mind the profile of the labour market on that side of the County. The question on all Wickers' lips is whether we shall see a "Tesco factor". The planning application is due to be heard soon and we may all know the answer before the end of the year. The smaller towns and townships tend to follow the East/West divide with the exception of the Lybster and Latheron areas that have an "English" market all of their own. More, next month, on smaller towns. Sellers may or may not have been following the "Purchaser's Information Pack" (PIP) saga, coming out of Edinburgh. Following a disaster of a trial run in which all but 74 sellers refused to have anything to do with the Pack, the Scottish Executive decided to forge on, regardless, and Sellers can now look forward to paying, up-front, the cost of putting together a pack of information, including a Survey, about their property before their Agent can put it on the market. It's a crime, some say, and it will be, as the suggestion is that there will be a financial fixed penalty for failure to produce a Pack. More on this, particularly the cost implications for you and the contents of the pack, next month. Anyone who would like to comment or for this column to touch on any particular matter, please email me on bruce.de.wert@georgesons.co.uk. Bruce de Wert has 25 years of experience and is now Principal Solicitor and Estate Agent at Georgesons, Wick and Thurso. < Back to Property News |