The Scottish property market has been through a period of unprecedented change over the past few years. From the impact of the Covid-19 pandemic to the ongoing uncertainties surrounding Brexit, there has been a lot of volatility and uncertainty in the market. Looking ahead to 2023, what can we expect from the Scottish property market and what advice should first-time buyers keep in mind?
The Outlook for 2023
Overall, it is expected that the Scottish property market will remain relatively stable through 2023. House prices are expected to rise slightly, but at a slower rate than in recent years. This is due in part to the cooling effects of the pandemic, which has caused some uncertainty and reduced demand. However, there are still plenty of factors that could impact the market in unexpected ways, including ongoing Brexit negotiations, changes to interest rates, and shifts in government policy.
One area that could see significant growth in the coming years is the affordable housing market. The Scottish government has made a commitment to building 100,000 affordable homes by 2032, which could help to address the ongoing issue of housing shortages and affordability. This could present opportunities for first-time buyers who are struggling to find affordable properties in the current market.
Tips for First-Time Buyers
If you're a first-time buyer looking to get onto the property ladder in Scotland, there are a few things you should keep in mind. Here are some tips to help you navigate the market and find the right property for your needs:
Start with a budget - Before you begin your property search, it's important to understand how much you can realistically afford. Take a close look at your finances and work out what you can comfortably afford to spend on a mortgage, factoring in all associated costs like taxes, fees, and maintenance.
Research your options - There are a variety of different mortgage options available for first-time buyers, including Help to Buy and shared ownership schemes. Do your research and find out what options are available to you, as well as any eligibility requirements.
Consider location - While it's important to find a property that meets your needs in terms of size and features, don't forget to consider the location as well. Think about factors like commuting distance, local amenities, and future development plans.
Work with an experienced agent - An experienced estate agent can be a valuable resource when it comes to navigating the property market. They can provide guidance and advice, help you find suitable properties, and negotiate on your behalf.
Don't rush - Finally, it's important not to rush into any decisions when it comes to buying a property. Take your time, view multiple properties, and don't be afraid to walk away if a property doesn't meet your needs.
In conclusion, the Scottish property market is expected to remain relatively stable through 2023, with some potential growth in the affordable housing market. For first-time buyers, it's important to take a careful and considered approach to the market, starting with a budget and working closely with an experienced agent to find the right property for your needs. With the right approach and a little patience, it's still possible to achieve your property ownership goals in the current market.