A good time to buy property? Yes, quite possibly
As reported in our last blog, the average house price in Argyll & Bute is lower than it has been in the past, and this is perhaps the strongest evidence to support the notion that there is scope for prices in this area to increase.
Further, some sources have suggested that house prices in Argyll & Bute will increase as much as 95% by 2030, and Professor Paul Cheshire, Emeritus Professor of Economic Geography at LSE, has predicted house prices in Scotland are set to rise 76% over the next 15 years, suggesting this would be a very good time to buy property.
Of course, recent political activity has added another factor that could effect house prices, however the truth of the matter is that no one knows what will happen following the UK’s vote to leave the EU, and most evidence at these early stages suggests there has been little or no effect at all. Indeed, Registers of Scotland have just reported that the volume of residential property sales rose 4.9 per cent in the last quarter (April-June 2016) compared to the same period last year – a total of 25,760 properties changed hands between April and June, the highest volume of sales for these months since 2008-09. The highest percentage rise in the volume of sales in Scotland was here in Argyll and Bute, with an annual increase of 24.5 per cent to 462 residential sales.
This does not come as any real surprise, as the overall housing market is governed by a basic rule of economics – supply and demand – and while there remains a housing shortage in the UK, demand outstrips supply. Secondly, as mentioned in a previous blog, national circumstances seem to have a reduced effect on the Argyll property market, akin to dropping a stone in a pool of water where the ripples become less pronounced the further out you go, and so the shockwaves of significant national events have substantially petered out by the time they reach us.
Generally speaking, property is generally a safe investment which is likely to only appreciate when viewed a long-term investment, and the real losses on property generally only happen when the property is bought and then sold at the wrong time across a short timespan. That said, the property market – like any other market – can be volatile and there are no guarantees to be had, so only you can decide if this is the right time for you to buy. If you are considering buying property in and around Oban, please feel free to browse all of our properties and plots for sale here. As estate agents, we can provide help and guidance on the whole house buying process and so if you need any advice, or if you would like to view any of our properties, we will be delighted to hear from you.