Property Market Viewpoint
It has been an interesting year for the Property Team at Mackinnons. Three new members of staff were warmly welcomed into the fold at the beginning of the year and have settled into their new positions well, bringing with them fresh ideas and implementing changes that will stand the team in good stead for the future and any challenges that may lie ahead.
The property market in the North East of Scotland has been challenging and unpredictable over the last few years, and this is due to a number of factors, such as an unstable local economy, an ever changing political landscape, and an increase in property taxes, such as Land and Buildings Transaction Tax and the Additional Dwellings Supplement which was introduced in April 2016. However, with oil prices stabilising at around $60 a barrel over recent months, and realistic pricing, there has been a degree of improvement in the market, with the Mackinnons team overseeing more sales and closing dates this year than in the last few years.
The most challenging sector of sales during 2018/2019 has been the sale of flats. This can be attributed to the high volume of properties of this type on the market and the introduction of the Additional Dwelling Supplement, which has seen a fall in the purchase of buy to let properties.
However, the Property Team at Mackinnons are committed to offering expert advice to current and new clients. We experience on a daily basis the highs and lows of property sales and want to share our experiences to assist our clients make better property decisions.
Pam Morrison, Senior Sales Adviser