Raeside Chisholm Solicitors

A research company has compiled a timeline of Coronavirus and Scotland’s property market from the introduction of social distancing measures in mid-March onwards.  This shows that although viewing and valuation requests began to slow from that point, it wasn’t until a week later that the Registers of Scotland temporarily closed its application record, following the advice from the Law Society of Scotland to solicitors that they should not complete property transactions.

As we had indicated we believed was likely to be the case in a blog last month, we can confirm that Estate agents are reporting an increase in numbers of house hunters looking to escape the city to a rural area, as people have reached the conclusion that working from home is likely to become the new norm.  Many major firms have said that during the last few weeks, they have seen a big increase in enquiries about well connected countryside and “out of city” locations – ranging from countryside market towns to coastal villages.  It seems to be the case that people are very happy to split their working week between home and office, once life starts to return to normal.  Data obtained from the property website Right Move has shown a dramatic leap in interest in property around the central belt and outside of Edinburgh and Glasgow when compared with April last year. 

It is always interesting to see how different factors can affect property prices. Some data has now produced which shows that parents hoping to send their children to Scotland’s best state secondary schools face paying two thirds more for a house in the catchment area than in the neighbouring streets.  Overall, property prices in the neighbourhoods of the top ten best performing secondary schools average at 14% higher than the price of a house elsewhere in the local area.

Aberdeenshire West MSP Alexander Burnett warns some movers may have bought new homes but been unable to sell their old ones before lockdown measures were introduced, and has called on the Scottish Government to introduce a grace period after lockdown is lifted, so they aren’t penalised for owning second homes.

Unfortunately, the closure of courts, to all but essential business, has effectively halted the winding-up of estates for the last month.  The back-log is already substantial and sadly will continue to grow as the tragic Covid-19 death toll increases.  The delays could be even longer for people who have died without leaving a Will.