Why buying property in Scotland is a good investment
While property prices in
the UK are high, there’s one UK country where the costs are amazing and well
worth investing in—Scotland
through the roof in the UK surfacing on an ongoing basis, there’s one country
within it where amazing property prices still remain—Scotland.
can be pretty pricey—notably
Edinburgh and nearby areas, such as the seaside towns of St Andrews and North
Berwick—a
look at online property portals will reveal numerous properties starting with
guide prices currently as little as £19,000.
The stunning Portpatrick in Dumfries and Galloway is a popular place for people buying property. Credit: Michael Cummins
with property prices significantly lower than in England, and unspeakably
beautiful rural landscapes. The Scottish rural property market generally offers
very good value for money, particularly outside the areas which are easily
commutable to Glasgow and Edinburgh.
“The Scottish rural property market generally offers very good value for money”
empty roads and flights with low-cost carriers like Ryanair and easyJet, access
to Scotland from elsewhere in the UK is excellent.
Scotland is often dismissed because of the
perception of cold weather, but certain areas enjoy surprisingly mild
temperatures. Morayshire is one of these, and has many similarities with North
Devon.
that much, and neither areas are particularly commercialised.
Inverness in Scotland is a popular area because of its beauty and space. Credit: Robin Canfield
average of 1,523 hours of sunshine per year, and the Gulf Stream, a warm ocean
current, pushes up temperatures on the west coast: it’s not unusual to see palm
trees in Argyll. Dumfries and Galloway, situated in the south-western corner of
Scotland, are nicknamed “The Scottish Riviera”.
“Dumfries and Galloway, in the south-west of the country, are nicknamed ‘The Scottish Riviera'”
having a lot of space and a high quality of life. The most popular Highland
properties are traditional and rural and within around 20 miles of Inverness,
especially around Nairn, Beauly and the west coast. Traditional cottages near
Shieldaig and Plockton are popular areas for holiday homes, as are Lochgilphead
in Argyll. Crinan has an attractive harbour and canal, while the pretty
loch-side village of Tayvallich is a centre for sailing.
Perthshire is another popular areas being only
an hour’s drive from Edinburgh. It is where the stunning highland scenery
everyone craves starts.
generate income from holiday lets. Holiday home renters will pay similar rental
amounts per week whether the property is in the Cotswolds or Caithness, even
though the Scottish property would have typically cost far less to buy.
“Scotland is ideal for investors keen to generate income from holiday lets”
be aware that the purchase and conveyancing system is very different from that
elsewhere in the UK, and has its own distinct procedures, nuances and
terminology.
are sold at a higher price than the one quoted. If you are interested in buying
one you engage a conveyancing solicitor who will formally note your interest
with the selling agent. You are not obliged to buy as yet, but will be informed
of when an offer must be made.
A closing date for the submission of written
offers may be set. This often results in you paying ten per cent or more than
the asking price—as
much as 40 per cent more in some cases—than the asking price, although being gazumped
is far less common than in England.
put forward and may not negotiate on price after the closing date. You may want
to—or your mortgage company may require—an independent property survey and your formal
offer for the property must be submitted by a solicitor.
Lochgilphead in Argyll, Scotland, is an idyllic location for holiday homes. Credit: Steve Malloy
before making an offer via a solicitor or estate agent. Negotiations with the
seller concerning the property, known as “missives”, may be necessary, and therefore the
buyer should be prepared for this possibility.
If your offer is accepted, the seller’s
solicitor will send your solicitor a formal acceptance, and a deposit may be
payable before settlement takes place and the property is yours. Note that you
may have to pay surveyor’s and solicitor’s costs whether your offer is
acceptable to the vendor or not.
tax, but instead a Land and Buildings Transaction Tax is payable.
Cromarty, Sutherland, Argyll, Caithness, Orkney and Shetland is the matter of
crofting.
farmers. If an area of land remains part of the croft, there can be important
legal consequences because since 1976 crofters have been legally permitted to
acquire title to their crofts, thus becoming owner-occupiers. Prospective
purchasers in these counties should have the position over crofting clarified
by their solicitor before proceeding.
Banner photo: Plockton in Scotland is popular for holiday homes. Credit: Lee Chalmers
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