scotland |
INVEST IN SCOTLAND – THERE IS SPACE FOR YOU D
Reports Graham Waddell - Singer Vielle Scotland
espite the indecisive result of last year’s General Election, many agents in Scotland viewed the result positively. Irrespective of your political persuasion, the fact that the SNP suffered considerable losses at the polls, led many to believe that the question of Scottish Independence is now off the table for the foreseeable future.
Graham Waddell
Whether that is the case or not it definitely resulted in buyers from outwith Scotland coming back into the Scottish market during the second half of 2017. It seems clear that many investors,
principally from south of the border, view Scotland as a more attractive proposition: • Assets are generally better value than like for like properties in England
• Competition is not as fierce and it seems that many Scottish investors either don’t have an appetite to spend or perhaps don’t have the availability of funds
• Depending on the level of transaction, Land and Buildings Transaction Tax (Scotland's equivalent of Stamp Duty) can often be less on commercial purchases in Scotland, compared to the same value properties in England. On an asset of £500,000, the saving is almost £5000, which can be very appealing to an investor.
Our database gives us access to a wealth of investors throughout the UK and worldwide...
• Arguably Scotland has a simpler and quicker legal system
For the year ahead a continuing lack of stock will be an issue for the market and agents. Investors who have held assets for many years are generally enjoying healthy returns from the properties they own and have no desire to convert that to cash which can languish in the Bank
Our most recent experience of sales in Scotland has borne out our view on the source of buyers. Of our last 7 sales in 2017, 6 were to investors from outwith Scotland. Whilst that is potentially worrying for agents who act for Scottish investors, it puts Singer Vielle in a very strong position when marketing commercial investments for sale. Our database gives us access to a wealth of investors throughout the UK and worldwide, with our sales particulars being translated into 6 different languages. The high quality of our marketing presentation allows potential purchasers to clearly understand the assets we are selling, enabling us to transact very quickly once a property is brought to the market. Generally we look to complete sales within 4 weeks of marketing. I am excited about the year ahead for Singer Vielle in Scotland as we continue to build brand awareness within the Scottish market on the back of a very successful 2017. We continue to pick up sales instructions from a variety of clients including property companies, private investors and pension funds ranging in value from £350,000 to over £1.7M
COMMERCIAL PROPERTY MONTHLY 2018
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