Savvy buyers put down roots in Scotland

This is the year of VisitScotland’s Homecoming, but Saint Property is experiencing an entirely different take on this and noticing a major increase in buyers from around the globe choosing to put down roots in Scotland.

The current economic climate is very much the catalyst for the increase in interest from overseas buyers and indeed expats, who have previously been working abroad, looking to return to their roots and take advantage of the weakening exchange rates.

Matthew Sinclair comments: “With the pound weakening against other major currencies, including losing 25% against the Euro, 32% against the HK Dollar and 33% against the US Dollar, the opportunity to buy in the UK suddenly seems like a prosperous move. This downturn in the economy has lead to a rise in the savvy buyer.

“At this moment, 45% of our clients are foreign buyers, with 30% of those coming from the Eurozone and this is an unprecedented percentage as our clients have historically been UK citizens.”

Prime Scottish properties are widely perceived to offer better value for money than their English counterparts which is why Scotland in particular will see a surge of cash-rich property buyers this year, with much of that interest being from overseas.

It is thought that prices were over-inflated previously and now high-end properties, such as sporting estates, farms and forestry can be purchased for a relatively reasonable price. Land is also comparatively cheap in Scotland and whilst there are opportunities available to purchase land and forestry in Scotland, we will continue to see good interest from Dutch, German and Danish buyers – something Saint Property is currently experiencing.

Although the pound is starting to strengthen, it is still a relatively good time for buying prime properties in the UK. Saint Property is anticipating a higher level of enquiries from overseas buyers, both expat and foreign. This will mostly be for top-end property including sporting estates, farms, forestry and large houses.

With prices in Scotland thought to have fallen by 15-20%, the European and indeed overseas buyer, is in effect making a double saving – one with the decrease in price and secondly from the good exchange rate. Furthermore, with the interest rate sitting at its lowest level in recent years, savvy buyers are recognising that the returns to be had from purchasing property may well be better than those from the banks and stock market.

This surge in buyers coming back to Scotland will have a knock on effect on the competitive nature of property in the country. It is therefore more important than ever to get the right professional guidance in order to secure a rural or residential property, as homeseekers will now be competing with buyers from around the world.

With over 16 years of experience within this field, Saint Property is a market leader in securing the very best results for all of its clients. For further information, log on to Saintproperty.com.