The Scottish Property Podcast

Market Updates with Davy Hutton

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In this episode, hosts Steven Clark and Nick Ponty are joined by Davy Hutton to discuss the latest market updates for August 2024. They cover a range of topics affecting the Scottish property market, including inflation, economic outlook, property market dynamics, planning system inefficiencies, and the impact of government policies.


UK Inflation and Taylor Swift Effect:

  • UK inflation stayed at 2% in June, partly attributed to Taylor Swift's tour increasing demand and prices in local services, particularly hotels.
  • The Bank of England's base rate is 5.25%. Despite expectations for a cut, the "Taylor Swift effect" and other factors create uncertainty.

    • Economic Outlook and Government Stability:

    • Discussion on the fragility of the economy and potential for a positive shift post-election with Keir Starmer's leadership.
    • Reflection on the previous government's impact and optimism with the new administration.

      • Property Market Dynamics:

      • Landlords are selling properties, affecting the rental market as they are not being bought by other landlords.
      • House prices and rents are rising due to inflation and market demand, with regional variations noted.
      • Areas like the West End of Glasgow are performing well due to lower mortgage levels and high cash transactions.

        • Planning System and Government Intervention:

        • Inefficiencies in the planning system and the need for reform are discussed.
        • Importance of competent and trustworthy government intervention is emphasized.

          • Buy-to-Let Mortgages and Investment Strategies:

          • The number of new buy-to-let mortgages has halved, with fewer landlords entering the market.
          • Larger companies and cash buyers remain active, impacting the market differently.
          • Debate on the benefits of investment properties and effective debt management.

            • Affordability and Rental Market:

            • Home affordability in Scotland has decreased, with the average home now costing 5.2 times the typical salary, up from 3.8 times in 2003.
            • Despite rising rents, affordability remains a challenge. The balance between protecting tenants and not over-regulating landlords is discussed.

              • Airbnb and Short-Term Rentals:

              • Potential impact of banning Airbnb in Edinburgh is debated, considering the balance between tourism benefits and housing availability for residents.
              • The impact of the internet on the reach and influence of short-term rentals on local communities is discussed.


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                The Scottish Property PodcastBy Nick Ponty and Steven Clark
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