Scotland!
...now available
through
Jackson-Stops & Staff
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We are delighted to have formed an association with the
Buccleuch group of estate agencies in Scotland. The Buccleuch
Estates, headed by the Duke of Buccleuch, enjoy an immense
reputation and have, of course, diversified into many
propertyrelated interests, including estate agency. Jackson-Stops
& Staff will work closely with Edinburgh Buccleuch
Town & Country and with Buccleuch John Sale, which
together have five offices with a property portfolio and
expertise covering the whole of Scotland. Our association
will benefit clients and applicants of both organisations
and provide a wide variety of expertise and choice both
north and south of the border. Full property listings
will of course be available via the websites of both organisations
and our new Scottish connection builds upon our long established
and increasingly important association with Colliers Jackson-Stops
in Ireland. Director James Carnegy-Arbuthnott comments
on the current market:
In rural areas, while strong demand at the top
end continues unabated, activity below that level has
fallen as higher interest rates begin to bite. There are
exceptions to this trend. Aberdeenshire, for example,
is buoyant, reflecting renewed investment by the oil industry.
Prices are also rising faster in Angus, parts of the Borders
and Dumfriesshire, not least as they ‘catch up’
with increases seen in the major centres. The Highlands,
Islands and Argyll continue to be popular for holiday
homes, though there are signs that this market is slowing.
Farmland values are rising steeply, driven in part
by demand from Northern Irish farmers and funds from development
land sales. Overall confidence has also been bolstered
by an increase in the price of milk and by commodity prices,
pushed higher by a general shortage, climatic difficulties
elsewhere and the increasing use of crops for energy production.
In Edinburgh, the market remains firm, though values
are increasing more slowly. Again the top end is performing
best, especially as the City continues to attract investment
from outside. The New Town and other prime residential
areas such as Morningside, Murrayfield and Barnton continue
to represent solid investments with many properties being
traded ‘off market’. Good central flats remain
sought after though there is an oversupply of new builds
in areas such as Leith.
CURRENT VALUES:
Edinburgh
New Town House £1,500,000–£2,500,000
New Town flat (3 bed) £400,000–£800,000
Leafy residential area detached house £1,500,000–£4,000,000
Highland Cottage (3 beds) £200,000–£400,000.
Perthshire Georgian Country House £1,500,000-£2,500,000
Borders farmhouse (5 beds) £450,000-£750,000
Prime arable land £4000-£8,000/acre
Ploughable pasture £1500-£3000/acre
Stags £20,000–£50,000
Grouse £3000–£5000/brace
Salmon £4000–£10,000+/fish |
Top: River Tay, Week 33, av. catch 18.2
salmon £69,500
Below: Lothian & Borders, excess £1.1
million
Left: Dumfriesshire, excess £695,000
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| JSS
PRIVATE FINANCE |
With
the right mortgage you
take control
With the recent rises in the Bank of England base
rate and another expected it is more important than
ever to review your mortgage arrangements. You might
feel that you have no control over these external
factors, however with the right mortgage and an
accommodating lender you can at least manage the
impact they have on your life. Some examples as
to how this can be achieved are:
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A fixed rate mortgage. At the time of writing
it is possible to secure a two year fixed
rate mortgage at below base rate such as 5.59%.
For every £100,000 of mortgage the monthly
payment at this rate would be: repayment (25
years) £619.47, interest only £465.83.
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Your lender might be prepared to vary the
term of your mortgage. Extending the payment
period of a 25-year mortgage by over a year
can just about mitigate the effect of a quarter
percent rise in mortgage rates. This ultimately
involves paying additional interest over the
term of the loan but it is often possible
to overpay when rates are lower or after a
salary increase or bonus. If you have a capital
& interest repayment mortgage your lender
might allow you to make interest only payments
for a certain period. If your lender is not
able to help in this way then you might wish
to consider switching to a flexible mortgage
which offers these facilities as standard.
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A flexible mortgage allows you to underpay
or overpay and even take a payment holiday.
This type of mortgage normally gives you access
to the equity in your property and allows
lump sum payments to be made without penalties. |
A mortgage should be kept under regular review to
ensure that it is in sync with your lifestyle. Sound
advice is essential and not all lenders are able
to tailor a mortgage arrangement to suit your individual
needs.
The Jackson-Stops & Staff Private Finance
team specialises in providing sound mortgage advice
and can be contacted on 0870 600 1650. |
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