Survey Shows Scotland Has Weakest Housing Market
The Scottish housing market is currently performing worse than any other part of the UK, according to the latest data from the Royal Institution of Chartered Surveyors (RICS).
Data from the RICS residential Market Survey for February revealed that not only did Scotland have the weakest figures for any region or nation in the UK, but it had the second lowest rate of selling instructions after Yorkshire and the worst price growth apart from London.
However, it was notable that there were pockets of heightened activity with higher numbers of buyers.
Phiddy Robertson from the Galbraith Group in Inverness observed: "Buyers are paying significant premiums to secure attractive coastal property and we are seeing more interest than ever from southern buyers looking for second homes."
That comment may be of particular interest to people living on the Ayrshire coast who might be looking to carry out home improvements such as extensions to increase the value of their homes.
Indeed, now may be a very good time to speak to architects in Ayr about how to do this effectively to make a home more marketable.
While coastal areas across Scotland in general may be particularly attractive to buyers, Ayrshire stands out as a target for buyers seeking affordable homes.
A survey by Zoopla has found that five of the ten most affordable Scottish towns for property on a price to earnings ratio basis are in Ayrshire: Cumnock, Kilbirnie, Irvine, Girvan and Stevenston.
The fact that three of these are on the coast may provide a possible opportunity for buyers, who could purchase a home at a low cost and add an extension to bolster its future resale value.
While the Scottish market is in a slump at the moment, the present situation is unlikely to last for too long. RICS predicted the whole UK market will recover as lockdowns are eased over the coming months.