Blackadders Property Auction

I am delighted to advise that the third Blackadders’ Property Auction, which took place today (30th October), was a huge success.  We had over 70 people turn up to view 69 lots.   Of those 69 lots, 15 properties have sold, with another 7 receiving offers which are now being negotiated.   In total, 32% of the properties were  sold or received a negotiable offer.  All the other properties in the auction are showing some increase in activity which is being followed up by the sales team.

Given that this is our third auction, I think this is a very strong foundation for us to build on. I am delighted to advise that we have already booked the next auction which is taking place at the Apex Hotel, Dundee on 19th March, 2013.

Lindsay Darroch
Partner & Head of Property

Council of Mortgage Lenders Report

The Council of Mortgage Lenders has reported that gross mortgage lending fell sharply in September.  The CML estimates gross mortgage lending in September was 10% lower than August 2012 and 15% lower than September 2011.  They are citing one of the reasons for September’s weak figures as being a relative lack of housing transactions.  However, there are some positives.  The Bank of England, whilst confirming the CML’s figures, has expressed hopes that funding for lending will make its mark by the end of the year.  Interestingly, Tesco have just launched Britain’s cheapest mortgage; being a 2 year fixed deal available at 1.99%.  Tesco have advised the deal was possible because of the funding for lending scheme.  Unfortunately this deal is not aimed at first time buyers with a 60% loan to value, however it is still a step in the right direction and it will be interesting to see if Tesco’s news today will be followed by other lenders being able to launch similar products.

I still urge both Scottish and UK Governments to do more to help first time buyers as that is the critical element that the housing market in particular and the economy in general is missing.

Lindsay Darroch
Partner & Head of Property

New Institution to Buy Peoples’ Homes

I was interested to read a report by RBS Economist Richard Barwell calling upon the Government to set up a body which would buy the homes of people struggling with their mortgages and which would allow them to stay on as rent paying tenants.  I think this is possibly a very good suggestion which could stabilise the housing market, protect people from eviction and, perhaps in some cases, the process will release some equity tied up in the property enabling the selling individual to become debt free and perhaps more likely to start spending in the economy.  If this could be a Government backed company working closely with lenders who may have to take a haircut on their lending I think this would have a very positive impact on the whole economy.

I am still noticing a big increase in the number of investors moving into the property market, both institutional and individuals, and I do still have a concern about an overheating rental market.  I think this proposal may also have a positive impact in relation to that.  I will let you know should I hear anything further.

 

Lindsay Darroch
Partner &  Head of Property

Mixed Messages for Housing Market

A strong rise in mortgage lending for house purchase in August has been reported by the Council of Mortgage Lenders.  Lending for house purchase rose by 11.7% compared with July and by 10.8% compared with August last year.  A total of 55,300 were advanced on house purchase in August worth 8.4billion pounds up from 49,900 in August 2011.  These figures differ from the Bank of England which indicated that approvals for house purchases in August stood at 10% lower than in August last year.  There was also a recent report which indicated that activity in the construction industry for August was considerably lower than in August 2011.

My own feeling is that the property market is staggering on and, after a very positive start to 2012, has slowed dramatically in activity levels since July.  My Opinion is that the economic uncertainty fuelled by the euro zone crisis and the mixed messages coming from the American economy are having a big impact on confidence and activity.  I was concerned to read recent indication relating to the weather showing that experts are predicting a worse winter than the one we had in 2010.  I could see the housing market going into hibernation from the start of November with the green shoots of recovery appearing with the spring thaw in 2013.  On a positive note I am still seeing an increase in property investors and I will report on this shortly.

Lindsay Darroch
Partner & Head of Property

Dundee Monopoly

I was delighted to be at the launch of the Dundee Monopoly Board with the Firm’s logo taking pride of place on Reform Street.  I am also delighted that the (in my opinion) best property trading game is being linked with Dundee. I am pleased to announce that Dundee’s leading firm of property solicitors is also associated with it.

I am looking forward to playing a game on my new Dundee Monopoly Board!

Lindsay Darroch
Partner & Head of Property

Property Auction

After the success of our previous two Property Auctions I am delighted to advise that the next auction will take place on Tuesday, 30th October 2012 at the Apex Hotel, Dundee at 10.30am.  We have a wide range of residential and investment properties and expectations are for a very good turnout.  A brochure detailing all properties to be included in the Auction is available online or you can contact Nahdean Murray – 01382 229222 – for more information.  To attend the Auction please pre-register at propertyauctions@blackadders.co.uk or turn up on the day.  I look forward to seeing you there.

Lindsay Darroch
Partner
Head of Property

Revitalising the High Street

There have been a lot of discussions regarding the problems facing Britain’s High Street – most recently the report from Mary Portas with her plan to save the High Streets.  My view is that shopping habits and trends, which always adapt and evolve to the circumstances, have now radically moved away from High Street shopping to retail parks and, more importantly, online shopping.  However, I do not think that this marks the end of the High Street, but in fact should bring about a change in how we view our City Centres.

I would like to see Planners encouraging more City Centre living because I feel that getting people back living in the City Centres will increase the demand for certain types of High Street shops that will be able to service this new market.  Not only would this proposal bring life into the shops on the High Street, but it would also have a spin-off benefit for central restaurants, cafes and pubs which I think would benefit the economy.

Lindsay Darroch
Partner
Head of Property