The Property Market has been the talk of the town and while not exactly "news" hardly a day goes by without another reworking of the same old story which generally turns out to be no more than further spin and speculation. Television has captivated the viewing public with a rash of property related programmes advising how to make a quick buck (or not) on the property ladder, location etc., the latest breed of house doctors, designers and gurus and even a reality show where contestants build a "dream house" for the benefit only of the ultimate winners-probably the TV company! If the speculation is to be believed it may soon be over with boom turning to bust but has anything really changed? The same was said a few years ago and the prophets of doom have returned again with their warnings that the end is nigh-a bit like predicting death it is bound to happen if you say it often enough! But has anything really changed or is it just yet more talk and speculation? The popularity of investment in property has increased in recent years with falling stock markets and under performing pension funds making it appear a safe haven. But will this continue to be the case? While demand outstrips supply there will be an upward pressure on price. There are few signs of any change on that front, with developers keen to push the boundaries and planners and housing strategists agreeing there is unmet need. The Borders is one of the few areas where the population has risen and there is some evidence that the successful promotion of the Scottish Borders as a place to live and the comparatively low cost of housing have had a dramatic effect on house prices. But will it all end in tears? There is cause for confidence in future growth in the Borders with its relatively low housing density, continuing inward movement from outwith the area particularly the trickle down effect of the overheated and overcrowded Edinburgh market. While improved transport links, including the Waverley line rail project, has contributed the principal factor affecting prices remains the relocators bringing an inflow of funds, which has in turn had a knock-on effect with substantial rises being experienced throughout the market, particularly in mid-range properties from £75,000 to £150,000. This has impacted on local buyers and while it has been easier to move up the ladder with good prices being achieved at the lower end there is a danger of failing groups such as first time buyers who have been competing with the buy to let market but lose out unless they can find funds on top of the valuation, which is often below the selling price, which restricts the amount that can be borrowed. While there is no doubt there are particular problem areas there are grounds for optimism and the demand for property seems likely to continue. It should however be kept in mind that at the end of the day buying a house is likely to be the most important transaction you will enter into, so take good advice at the earliest opportunity, consult a property expert and consider your options. |
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