From smart inner-city apartments to large and small suburban and semi-rural developments, from Dumfries and Galloway and the Scottish Borders to Edinburgh, Glasgow, Stirling and Inverness, potential homeowners will find housebuilders hard at work constructing any number of new-build properties.
New-build property
Notably, according to the Registers of Scotland Property Market Report 2022-2023, new-build residential sales increased by over 7% from 2021-2022, with 12,356 new build residential property sales recorded in Scotland in the period covered by the report. Interestingly, the same source notes that in the past decade, the average price for a new build residential property has increased by 47% compared with 40% for all residential properties. By any measure, the new-build residential property market in Scotland is significant and reportedly valued at £3.8 billion.
It’s unsurprising that a new-build property will appeal to some potential homebuyers. In an era of increasingly stringent building regulations and the Scottish government’s drive to achieve net zero carbon emissions, new housing stock must conform to high energy efficiency standards. Well insulated and with energy efficient gas central heating systems (though there are government plans to steadily phase out domestic gas boilers), you would expect a new-build home to incur fewer maintenance costs.
Traditional appeal
Nevertheless, the fact remains that approximately 20% of Scotland’s current housing stock is dated pre-1920. Aside from the proliferation of traditional Victorian (and Edwardian) tenements in inner-city areas across Scotland – most notably in Glasgow, Edinburgh and Aberdeen – cities, towns and villages throughout Scotland boast different types of traditional properties.
Certainly, traditional properties I survey on behalf of the seller, and as part of the Home Report Company come in all shapes and sizes. It includes impressive stand-alone manor houses and small gate houses on country estates to former merchant houses in towns and former mill worker cottages.
Whether located in a picturesque Borders town like Peebles, on the older leafy roads of the suburbs of Bearsden and Milngavie in East Dunbartonshire or enjoying peaceful sea views in the popular East Lothian town of North Berwick, invariably many of these properties often ooze character and historic appeal.
Unlocking the potential of an older property
As we approach Spring and minds turn to selling or buying a home, you may be considering the benefits and potential disadvantages of an older traditional property.
Undoubtedly, for some a traditional property may represent a dream property and tick many boxes in the property search – or be viewed as potentially requiring too much long-term maintenance and care. While it will depend on your perspective (and financial means), the following are points you may wish to consider as both a seller and buyer.
Property type
Clearly, not every older property (pre-1920’s) will be a detached home. I’ve already mentioned multi-occupancy tenement flats – which in desirable areas of City of Edinburgh and City of Glasgow continue to command strong 1 and 2-bedroom prices. Some properties will be terraced or semi-detached. The UK House Price Index Scotland: December 2023 notes that over the period December 2022-December 2023, both these property types have seen a rise in average property price – (up 4.8% to £205,000 for a semi-detached property). Keep in mind that this will include newer properties of the same type too.
However, it’s detached properties of all ages (up 5.6% to £349,000) which continually command the highest annual increases as buyers seek more space – often for their family – and potentially if circumstances permit an element of working from home.
Space
Often, an older detached property will provide more space and privacy, and potentially a larger garden, and this can be a big factor for a potential buyer seeking more room for their young family.
As a buyer, you may even discover that the existing or previous owner(s) have undertaken renovations of the traditional floor space to increase the living area – including the loft space. Assuming the renovations have been professionally undertaken and comply with planning and local regulations, changes to the interior of the property can add value for the seller and save you as the potential buyer the hassle and additional outlay of undertaking such work in the future.
Energy efficiency
This is potentially one of the bigger factors to consider if your property search includes looking at older properties. At a time when the Scottish Government is keen to see citizens adopt a more carbon friendly style of living, it’s likely we will see a steady shift away from traditional gas and oil-based boiler systems towards greener domestic heating systems. If you are considering buying a traditional stone walled old property, ensure you study the Energy Performance Certificate (EPC) that is a legal requirement within a home report, and which details the energy efficiency of the property. This will also make recommendations of how that rating (A rating is highest) can be improved.
I have previously written about energy efficiency measures in the home – including the use of air source heat pumps and solar panels. However, every property is different, and I’d recommend that as the potential buyer you seek professional advice and do your research on what type of heating system will be most effective (and economical to run) within the property you are hoping to purchase. Whether a seller (planning to do upgrades before putting the home on the market) or a potential buyer, be realistic about the costs involved in upgrading or changing a heating system. In much older properties this may include the replacement of pipes and radiators.
Furthermore, traditional stone walled dwellings require careful analysis and professional advice before taking steps to insulate the walls and roof / floor spaces. In some cases, cavity wall insulation won’t be possible or recommended and alternatives like wood fibre insulation may be considered. However, it will all depend on the individual property.
A professionally undertaken Home Report will also highlight potential issues with key features like the electrical supply (does it need to be upgraded?) and observations of the external stonework and roof. These are all factors that should be seriously thought through when looking at an older property.
Home sweet home
As the saying goes, ‘home is where the heart is.’ If you believe that old property is your dream home, you may simply accept that as it’s (hopefully) new owner you will possibly just need to invest more time (and more money) on maintenance compared to many newer (or a newly built) property.
In the 25+ years that as RICS certified Chartered Surveyor I’ve undertaken professional and independent home reports, I’ve found many older properties to possess character, and some have even had an element of historical significance within their local area. Importantly, as the seller, keep in mind that the aesthetics of the building (including its history and scenic outlook) isn’t part of the legal Home Report documentation. However, those factors may influence how much the potential buyer is ultimately willing to pay.
