Blackadders’ property team help Mother Goose

With this being the festive season and with Christmas fast approaching, how could we refuse a call for assistance from Mother Goose who needed to get her property sold.   

Blackadders Property Team were quick off the mark and as you can see from the  photo below, were happy to get the property on the market.

In all seriousness, we are delighted to support Downfield Musical Society in their production of another wonderful family pantomime at the Whitehall Theatre Dundee.

Lindsay Darroch
Partner & Head of Property
Mother Goose

First Time Buyer Report from the Council of Mortgage Lenders

I was Interested to read a report from the Council of Mortgage Lenders (CML) advising that the number of loans to first time buyers in October was up by 19% compared to October last year and up 14.3% on September’s figures which is a very positive sign. The CML report that the average loan-to-value (LTV) for first time buyers is 80% – this figure has remained the same for approximately two years.  The most interesting stat in the CML report was that for the second consecutive month, loans to first time buyers accounted for 40% of all house purchases.  I am not seeing those activity levels here yet but this is slightly weighted figure as it is a UK wide.

As I have written in many blogs you need 40% of purchasers to be first time buyers to have a healthy property market.  This results in new capital being introduced to the property market and will be geared up by purchasers in the chain.  This also replenishes capital that is removed by people coming out of the market at the other end of the chain.

More trends to follow!

Lindsay Darroch
Partner – Head of Property  

Property Market Recovers Slowly

Recently, a report from the Royal Institute of Chartered Surveyors indicated a gradual increase in buyer interest across the UK for the month of November. This is a positive sign and certainly accords with the Blackadder’s property team statistics which show the number of properties coming on to the market remaining fairly static compared to last year, but a marked increase in activity in relation to offers since the middle of October.  I will give a detailed prediction for 2013 soon but I do think this is a positive sign.  I am of the view that while there are potential hurdles during the course of 2013, this increase in property market activity will now continue.  My two bugbears are in relation to first-time buyers and the apparent lack of support for them and also the question of stagnation – “I am not putting my house on the market until I see a property I want to buy!”  More on this later.

Lindsay Darroch
Partner & Head of Property