Scotland’s property market
According to statistics in the UK House Price Index Scotland: November 2023, average property prices continue to record a modest rise in Scotland. Between October and November last year, they increased on a non-seasonally adjusted basis by 1.1%, taking the average property price to £194,006. Detached homes (5.2% to £359,000) have shown the highest annual (Nov 2022 – Nov 2023) percentage change by property type while Scotland-wide, flats (1.8% rise to £131,615) have shown a more modest increase in value.
Geographically, the latest research data indicates that the local authority area of East Renfrewshire has recorded the highest annual price change (9.9% to £310,230) with Argyll and Bute showing a minus 6.7% drop over the 12 month period (Nov 2022 – Nov 2023) to £188,469. The City of Edinburgh (up 4.0% to £345,124) is currently recording the highest average annual selling price by local authority area.
These headline statistics are helpful to determine general trends within the market but do keep in mind that an individual property of any type and within any given local authority area will command its own selling price – with factors like key information detailed in the Home Report influencing the buyer’s decision.
Home Report matters
If you do decide that the coming months are a good time to sell your property, one of your first steps will be to commission a Home Report.
Do you need a Home Report? If the property isn’t a new-build and you are planning to sell your home on the open market (ie it’s not a private sale with no external marketing of the home), you will need a Home Report. On our home page, click on the drop-down menu to learn what documents and details are legally required within a Home Report in Scotland.
Can a Home Report expire?
A question that often arises is the ‘expiration date’ of a Home Report. In simple terms, so long as the information collated within the legal documentation (including the Energy Performance Certificate (EPC) isn’t older than 12 weeks when you put your property on the market, there is subsequently no official ‘expiry date’ of the Home Report itself.
However, if the property continues to be marketed for sale for several months, many sellers opt to have a ‘refresh’ of the Home Report carried out. It is important to potential buyers that the information in the three legal documents within the Home Report are up-to-date, accurate and reflect a true likeness of the property for sale.
Importantly, mortgage lenders won’t accept a Home Report that is older than 3 months. In this instance and to satisfy their lending criteria of the property, the buyer and seller may negotiate who will pay for the ‘refresh’ to be undertaken by Home Report Company or another chartered surveyor. Usually, the refresh only involves the surveyor visiting the property and checking the detail within the single survey. Consequently, the cost of a refreshed home report is lower than a full report.
Note too that as the seller, you can usually take your property off the market for up to 4 weeks without having to have a new (full) Home Report undertaken.
If you are considering selling your home, commissioning a professional Home Report is an important step. For over 25 years and as an RICS certified chartered surveyor, I’ve provided independent and professional advice to countless homeowners throughout Scotland. This has included preparing thorough and detailed reports that identify any issues that could influence your selling price and which ensures you offer potential buyers an accurate representation of your property.
Please do get in touch with the Home Report Company to discuss your needs.
