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No Bursting Bubble

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Sell My House Quickly found another interesting article about properties in Glasgow. No bursting bubble but house prices will continue to soar in Scotland. Property experts argued the pandemic has merely accelerated trends that were already underway

No Bursting BubbleDespite rapidly-rising house prices across the country, residential property researchers have refuted suggestions. The market is a bubble ready to pop

The experts from Retties, Savills and the Royal Institution of Chartered Surveyors (RICS) argued instead that the pandemic has accelerated existing lack of supply. And it also increases in demand to drive up valuations.

Dr John Boyle, director of research and strategy at Retties, predicted that the housing market will increase a further 8%. It is by the end of 2021 before beginning to cool off into next year. Although he predicts the overall trend will be for a market increase of around 20% during the next five years.

“It’s not a bubble. A bubble is what we had in the early to mid-noughties when house prices were going up by double digits each year.

“We’ve had very strong growth since the pandemic. But I think there are reasons for that and I would expect it to level off in time,” Boyle said.

He explained that the pandemic has released pent up demand for bigger properties in suburban, rural or semi-rural areas, as people sought more space and were less reliant on being close to city centre offices due to hybrid and work-from-home changes.

The Land Building Transaction Tax (LBTT) property tax holiday has also been a driver for the upper parts of the market.

The LBTT in Scotland was paid for properties more than £400,000. But the rise in house prices meant buyers were able to pay off the LBTT with equity.

He also claimed that prices in Glasgow, Edinburgh and Dundee have been moving steadily and the highest price growth has actually been in “hinterland areas” like East and West Lothian outside of Edinburgh North Lanarkshire, East Renfrewshire, East Dunbartonshire outside Glasgow.

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