renovation project

Prime Property Auctions: Scottish Property Buying and Selling Patterns

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renovation project

Prime Property Auctions: A noticeable trend continues to shape the buying and selling patterns across different property categories. As of the latest update, properties priced below £60,000 remain a stronghold in the market, defying broader economic uncertainties.

The allure of cheap investment stock persists, attracting a steady stream of buyers chasing yield on the back of a surge in rental demand due to the mass exodus of Scottish landlords.

On the flip side, the market for fully renovated properties, boasting walk-in conditions in the right areas, maintains its resilience, albeit with a discernible shift. While demand for these turnkey homes remains high, the competition characterised by last year’s market has tempered. Where there may have been 5 or 6 people competing for these properties last year, there are now only 1 or 2.

Conversely, the middle ground is proving to be a challenging terrain for sellers and an opportunity for discerning buyers. Properties with higher price tags that necessitate a bit of refurbishment are facing a slowdown.

It appears that prospective buyers are becoming more cautious, possibly influenced by concerns about potential changes to interest rates. Furthermore, there is a reluctance to embark on renovation projects, whether due to financial constraints or a perceived scarcity of skilled tradesmen.

You can see all of the commercial property listed by Prime Property Auctions on NovaLoca here.