Opportunity is knocking in Scotland – Will you be opening the door?

27/07/2020 11:47:53

In this three-minute read, we discover why the opportunity clocks are ticking for people wanting to make the most of the post lockdown market.

“Life is a Game” is a quote attributed to Mother Teresa, but it could be easily applied to property.

And as with all games, there are winners and losers when it comes to selling a home.

Timing always plays a part in how successful you are, as does having a talented estate agency working on your behalf to get you a winning result.

The announcement earlier this month that Land and Buildings Transaction Tax (LBTT) for properties under £250,000 is eliminated until March 31, 2021, means there’s now plenty of opportunity knocking on the doors of homeowners in Scotland.

Buyers can save up to £2,100 during this window.

Opportunity Clocks

Depending on what source you look at, it takes on average (from a cold start) between 176 to 200 days to sell a home.

This means the opportunity clock is now ticking before that March 31 deadline.

Here’s why:

  • Deals which were dead in the water over a difference in the value buyers and sellers were prepared to accept are now potentially resurrected.
  • Having more to put down as a deposit is opening more of the mortgage market to buyers.
  • As is the decision by several lenders to reintroduce 90% Loan to Value mortgages.
  • If you’re thinking of selling, you’ll also benefit from the tax holiday on the place you’re buying and pay nothing at all if it is under the £250,000 bracket.

But it’s not enough to put your most valuable tax-free asset up for sale and hope the rising tide of a buoyant market in Scotland helps you achieve the premium price for your property.

You also need to remember the following five things, which we’ve related to classic game shows below.

Blankety Blank – Watch out for cheap and not so cheerful agents or agencies that promise the earth but can’t back it up with evidence and case studies.

The Price is Right – Overvaluing a property will mean it sticks, no matter what the market is doing or if LBTT has been put on hold. Pricing it correctly to sell at a premium price is a skill experienced agents like us have.

Through the Keyhole – When you are on the market, your property gets put under the microscope so prepare it thoroughly so that viewers will feel like it’s a place they’d love to call home.

Countdown – Remember that date – March 31, 2020 – The sooner you start marketing your property, the better. The clock is ticking.

Bullseye – When you choose an agent with an excellent track record and fair fees who values your property correctly and can guide you on every aspect of the selling process, you’ve hit the bullseye. And you won’t be left thinking about what you could’ve ‘won.’

At Scottish Property Centre, we see working with a client to sell their home as a team effort. So, if you like the sound of our approach and are interested to know how we’d help you make the most of the LBTT window of opportunity, let’s talk.

Thanks for reading.

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