In this episode of the Scottish Property Podcast, Nick and Steven are back together for the November 2025 Market Update — discussing everything from their recent trip to Dubai to the latest UK housing data, rental trends, and budget rumours that could shake up the property market.

From reflections on life abroad to concerns over government tax policy, this episode dives deep into what’s really happening across Scotland’s property landscape — with candid insights, real-life examples, and a few laughs along the way.

🎙️ Episode Highlights:

🌴 Dubai Reflections: Life, Lifestyle & Lessons

• Both Nick and Steven coincidentally ended up staying in Dubai at the same time — just a few doors apart.

• Reflections on Dubai’s appeal for entrepreneurs: sunshine, safety, and tax benefits.

• The downsides: relentless heat, heavy traffic, and a lack of community or “soul”.

• Both agree that despite the hype, Scotland still feels like home — valuing fresh air, space, and local connection over tax breaks.

🏡 Scottish Housing Market Update

• Zoopla reports: buyer demand down 8% year-on-year, sales agreed down 3%, marking the first decline in two years.

• Scotland bucks the trend, with sales up 3% and house price inflation steady at 2%.

• Glasgow up 2.1%, Edinburgh up 1.6% year-on-year.

• Signs of a slower market rather than a crash — more cautious buyers and longer sale times.

• Average selling time now 37 days, up 10%, showing steady but slower movement.

🔨 Steven’s Property Sales Update

• Currently selling three renovated cottages, each around the £200k–£240k price point.

• Despite strong locations and quality finishes, sales slower than expected.

• Common feedback: EPC ratings, minor snagging, and general buyer caution.

• Example of real-time challenges facing property flippers in a softening market.

• Highlights the importance of timing, presentation, and patience in a cooling climate.

🏘️ Rental Market Insights

• Rightmove rental tracker:

  • Average UK rent outside London at a record £1,385 per month, up 1.5% in Q3.

  • In Scotland, rents are still rising but at a slower pace.

• Tenant demand down 14%, while supply up 9% — more choice for renters.

• Landlords urged to redecorate and refresh properties to stay competitive.

• Quality homes still rent quickly; tired stock lags behind.

• Strongest demand for rentals under £1,000 per month — affordability is key.

💼 Budget Rumours & Government Policy

• Discussion ahead of the November 23rd UK Budget, with rumours of:

  • VAT threshold dropping from £85k to £30k — could hit small tradesmen and drive up refurb costs.

  • Income tax increase from 20% to 22% (England only).

  • National Insurance on rental income (8%) — potential game-changer for landlords in personal names.

  • Capital Gains Tax on main homes worth £1.5m+ — targeting the ultra-wealthy.

• Nick and Steven discuss how these could trigger a mass landlord exodus, reduce supply, and hurt the rental market.

• Concern that government policies are anti-business and anti-growth, discouraging investment in the UK.

📈 Economic Overview

• Inflation: steady around 3.8%.

• Interest rates: held at 4% by the Bank of England.

• Mortgage rates easing slightly, providing some relief for buyers.

• UK economy flat, with minimal growth heading into winter.

• Sentiment: cautious optimism — no crash, but slower movement and more scrutiny on deals.

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In this episode, Nick and Steven sit down with Wullie Thomson — entrepreneur, former dairy business owner, and now full-time property investor. Willie shares his inspiring journey from humble beginnings in Shotts to building one of Scotland’s largest independent milk delivery businesses before moving into the property world.

🎙️ Episode Highlights

From Milk Rounds to Millionaire Mindset

• Grew up in Shotts, North Lanarkshire, and left school without qualifications

• Worked multiple jobs from a young age — including food delivery, labouring on sites, and driving taxis

• Bought a small local milk delivery round at age 23 with around 350 customers

• Scaled the business into a Scotland-wide operation with five depots, 85 staff, and 60 delivery vehicles

• Focused on reusable glass bottles and local service to stand out from supermarket competition

• Introduced innovations such as direct debit payments and door-to-door canvassing, dramatically boosting efficiency and revenue

Building and Exiting the Dairy Empire

• Grown organically over more than a decade through acquisitions and community-focused marketing

• Expanded across the Central Belt, Perth, and Aberdeen

• Operated 24/7 with a full management structure including operations, HR, and sales teams

• Introduced a delivery charge model that significantly increased profits

• Successfully exited the business through multiple sales to other dairies

• Transitioned from daily operations to pursuing new ventures and a better work–life balance

Starting Over in Property

• Entered property investment after selling the dairy business, looking for a new challenge

• Faced early setbacks:

  • Lost £40–£50k on a piece of land due to flood risk oversight

  • Lost £35k on a hotel deal with offshore ownership complications

• Joined Steven’s property training to build knowledge, structure, and network with other investors

• Determined to grow his property business using the same grit and determination that built his previous success

First Major Project – Arbroath Townhouse

• Purchased a six-bedroom townhouse for £71,000

• Initially budgeted £70,000 for the refurb, but final spend reached £150,000

• Fully renovated and upgraded with quality finishes and modern interiors

• Configured for use as both a Serviced Accommodation (SA) and HMO

• Located near Arbroath Harbour — ideal for contractors, large families, and holidaymakers

• Expected nightly rate: £150–£200, with projected annual income of £40k–£50k

  
  

From driving taxis and delivering Chinese food as a teenager to managing 85 staff and five depots across Scotland, Willie’s story is one of relentless work ethic, resilience, and reinvention. Now, after exiting the dairy industry, he’s applying the same principles of growth and efficiency to property development and investing.

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In this episode of the Scottish Property Podcast, Nick and Steven sit down with David Stewart — property investor, developer, and founder of My Local Property Buyer. David shares his journey from a career in civil engineering and commission-only sales to becoming one of Scotland’s most experienced direct-to-vendor specialists, flipping properties with six-figure profits and running a successful off-market property business.

From being made redundant multiple times to building a thriving property brand, David’s story is one of resilience, adaptability, and integrity. He opens up about the realities of the quick-sale industry, the ethics behind vendor negotiations, and the lessons learned from fires, floods, and bankruptcies along the way.

🎙️ Episode Highlights

🌟 From Civil Engineering to Sales

• Grew up in the East End of Glasgow, born in Shettleston

• Chose a civil engineering apprenticeship over university

• Faced several redundancies during the 2007–2008 financial crash

• Transitioned into commission-only sales, learning resilience and people skills

• Worked in shopping centres selling gas and electricity contracts, then moved to Sky, excelling in telesales and leadership

🏡 Breaking into Property

• First exposure came through a quick-sale estate agency role

• Later joined a major auction and property buying company, learning the full process of valuations, negotiations, and acquisitions

• Developed strong communication and listening skills — the key to converting off-market leads

• Spent years understanding vendor motivations, negotiation strategies, and the ethics of buying directly

💼 Building My Local Property Buyer

• Founded My Local Property Buyer, specialising in direct-to-vendor deals across Scotland

• Balances multiple income streams — property flips, assisted sales, and sourcing fees

• Works with trusted partners including auction houses and ethical investors

• Operates with transparency, ensuring fair offers and honest communication with sellers

• Spends £1,500–£5,000 per month on online marketing to generate consistent off-market leads

🔥 Deals, Risks & Lessons

• North Berwick Flip: Purchased at £138k, valued at nearly double — discovered bankruptcy days before completion and navigated the legal and financial risks successfully

• Assisted Sale Fire Damage: A refurbishment project that caught fire due to a nearby caravan blaze — still turned a profit of over £20k and delivered a positive outcome for the seller

• Lanark Country House: Bought for £100k, invested £180k in refurbishment, expected to sell for £425k–£500k

• Kilmacolm Commercial Conversion: Transformed a former beauty salon into two luxury flats — exploring refinancing or serviced accommodation due to slower sales

⚖️ Ethics & Reputation in Quick Sales

• Strong focus on honesty and transparency with vulnerable sellers

• Condemns companies exploiting people in financial distress

• Works alongside trusted solicitors and partners like Michelle Wales to maintain professional integrity

• Believes small, fair profits build longer-term success and repeat business

• Encourages offering sellers multiple routes — direct sale, auction, or assisted sale

📈 Scaling & Strategy

• Portfolio of around 16 properties, including buy-to-lets, flips, and commercial-to-residential conversions

• Uses bridging finance, investor loans, and recycled profits to fund projects

• Works closely with business partner John, who manages refurbishments and trades

• Keeps operations lean, leveraging unencumbered assets for cash flow flexibility

• Balances short-term profits with sustainable business growth

💬 Mindset & Motivation

• Not motivated by flash or status — focused on family and freedom

• Values work–life balance after becoming a father

• Keeps a grounded lifestyle despite success — recently upgraded from his Ford Focus only for practicality

• Believes real success in property is built on patience, ethics, and persistence

In this episode of the Scottish Property Podcast, Nick and Steven sit down with Michelle de Almeida — business coach, entrepreneur, and property investor. Michelle shares her inspiring journey from a 20-year career in hospitality and corporate management to building a thriving property portfolio and multiple successful businesses.

Growing up in a working-class family near Liverpool and Manchester, Michelle learned the value of hard work early on. After managing 67 pubs across Scotland for Wetherspoons and running her own restaurant in Portugal, a major health challenge led her to reassess her life and priorities. Today, she’s the founder of Lux Escapes UK and MDA Business, helping others achieve financial freedom and personal growth through property and coaching.

🎙️ Episode Highlights

🌟 From Humble Beginnings to Hospitality

• Growing up in Cheshire in a working-class family

• Building a strong work ethic from her parents’ example

• Spending over 20 years in hospitality, including six years running a restaurant in Portugal

• Managing 67 pubs as a Regional Manager for Wetherspoons before leaving corporate life

💼 Finding Purpose After Corporate Burnout

• Leaving her corporate role after a health setback and lack of support

• Becoming CEO of a Coca-Cola–funded non-profit in Dundee

• Helping thousands of women and micro-businesses out of poverty

• Transitioning naturally into business coaching and launching MDA Business

🏡 Entering the Property World

• Completing property training in January and buying her first property in April

• Partnering with her brother, Paul, who now manages over 40 viewings a month

• Focusing on Serviced Accommodation (SA) and Aparthotels as her main strategy

• Building a business model that generates high cash flow and long-term financial freedom

📈 Growth, Strategy & Challenges

• Setting a goal of 200 keys (units/beds) to achieve true financial independence

• Raising private capital with a minimum £100,000 investment threshold

• Avoiding small Buy-to-Lets in favour of scalable, cash-flowing SA units

• Overcoming one of her toughest weeks in property — losing a deal, investor, and remortgage all in one day

• Navigating short-term let licensing challenges in Scotland and rising council tax costs

💬 Mindset & Motivation

• Using multiple business and mindset coaches to stay focused and resilient

• Managing 12–14 hour workdays with energy and purpose

• Maintaining perspective through movement, conversation, and mindset work

• Planning future growth in St Andrews, Crieff, Montrose, and Cheshire

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In this episode of the Scottish Property Podcast, Nick and Steven sit down with Ev Foster, Regional Partner for Keller Williams Scotland. Ev shares her journey from being a stay-at-home mother of four to leading the growth of Keller Williams into a nationwide estate agency brand.

After facing financial struggles following a divorce, Ev explored franchising and traditional estate agency work before discovering the Keller Williams model. She explains how the self-employed agent model empowers individuals, provides flexibility, and delivers a more personal service to clients compared to the traditional estate agency model she believes is “broken.”

🎙️ Episode Highlights:

🌟 From Mum to Entrepreneur

• Juggling life as a stay-at-home mother of four

• Facing financial pressure after divorce and needing to rebuild

• First steps into business with a ladies’ gym franchise and traditional estate agency work

🏡 Discovering Keller Williams

• Spotting the KW model as a low-cost, low-risk entry into self-employment

• Starting as a self-employed agent in 2017/2018

• Balancing financial independence with family flexibility

📈 Scaling with the KW Business Model

• Returning in 2020 to lead the Glasgow market center

• How KW provides training, support, and systems for agents to grow their own businesses

• Why she believes the traditional estate agency model is broken

• The rapid growth from zero to over 80 agents across Scotland

🚀 Keller Williams Scotland Today

• Achieving the five-year goal of becoming a separate region in January 2025

• Building a business that thrives in towns and villages, not just big cities

• Recruiting agents from non-traditional backgrounds

• Placing a strong focus on values, culture, and leadership development

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In this episode of the Scottish Property Podcast, Nick and Steven sit down with Elaine McLaren, chartered management accountant turned property investor. Elaine shares her journey from growing up in Scotstoun with early exposure to renovations, to leaving behind the corporate mould and building a portfolio designed to give her family more freedom and flexibility.

From watching Homes Under the Hammer to investing £15,000 in property training, Elaine reveals the importance of vision boards, long-term planning, and staying focused on why you started. She also opens up about her successes, lessons learned, and her evolving strategy — from building buy-to-lets to flipping properties and taking on HMOs.

🎙️ Episode Highlights

🌟 Early Influences & Corporate Life

• Growing up around property thanks to her father’s renovation projects

• Pursuing a corporate career as a chartered management accountant

• Realising she didn’t fit the corporate mould and wanting more flexibility

🏡 Getting Started in Property

• Inspired by a colleague with 13 properties and Homes Under the Hammer

• Investing £15,000 in training and waiting a year before buying her first deal

• Why she believes education was worth the investment

🎯 Building a Vision & Portfolio

• Setting her first goal: 12 properties to leave her job and focus on family life

• The power of vision boards to stay motivated and productive

• Growing her portfolio with her husband, including four properties in St Andrews

🔑 Lessons & Advice

• Do your due diligence before investing in training programmes

• When planning for retirement, set your financial target — then add two more properties

• Why involving your partner can strengthen your property journey

🚀 Current Focus & Future Plans

• Working on flips and managing an HMO

• Feeling like she’s “drifting” without a strong new vision

• Setting her next big goal: helping her husband retire so they can enjoy more holidays and freedom together

In this episode of the Scottish Property Podcast, Nick and Steven sit down with Graham Reeves, digital marketing entrepreneur, property investor, and founder of an SEO agency that ranks number one for “SEO Glasgow.” Graham shares his journey from struggling with dyslexia at school and working as a chef, to building a thriving online business and scaling a growing buy-to-let portfolio.

🎙️ Episode Highlights

🌟 From Kitchen Chaos to Business Hustle

• Growing up in Newton Mearns and overcoming challenges with dyslexia
• Working his way up from dishwasher to chef before leaving hospitality
• Learning sales skills through commission-only work and early entrepreneurial ventures

💻 Building an SEO Business

• Why college proved valuable but university felt like “too much fluff”
• Starting in digital marketing and discovering SEO
• Scaling his SEO agency during Covid through Facebook ads and ranking #1 on Google
• Recruiting and managing a global remote team across South Africa, the Philippines, and Serbia
• Tips for hiring and retaining top overseas talent

🏡 Property Investing Journey

• Entering property in 2023 after realising the need to invest profits wisely
• First six properties: leaving £27,000 in each but gaining £300/month net cashflow
• Learning BRR strategies and sourcing portfolios through a solicitor
• Latest deal: six-property portfolio with £7,500 left in each unit, generating £2,000 net per month
• Why he believes portfolios are the way forward

🤖 AI & The Future of Business

• How AI is transforming SEO and content with Google’s AI overviews
• Using ChatGPT to build scrapers and source landlords with large portfolios
• Leveraging AI to analyse CRM data, Zoom calls, and sales patterns
• Why he believes trades and service jobs are safe, but knowledge work is rapidly changing

From hustling cigarettes in the schoolyard to launching a marketing agency during Covid, Graham explains how his entrepreneurial mindset has shaped both his business and property journey. He also opens up about investing in property after a period of overspending, his strategy for buying portfolios, and how he’s using AI to source deals and streamline his workflow.

In this episode of the Scottish Property Podcast, Nick and Steven sit down with Phillip Stewart, a property investor and professional property photographer. Phillip shares his journey from a passion for landscape photography to building a successful property media business – and how he’s now using that platform to grow his property portfolio.

Phillip talks about working with estate agents, developers, and investors, and explains why professional photography can make or break a property listing. He also opens up about the challenges of starting his own business during COVID, the importance of branding, and how photography has given him a unique advantage when sourcing and investing in property.

🎙️ Episode Highlights:

🌟 From Passion to Profession

• Discovering photography at school and turning a hobby into a career

• Winning national and international awards in landscape photography

• Moving into property photography with McEwan Fraser Legal

🏡 Building a Property Media Business

• Gaining experience with estate agents before launching his own company

• Starting out during COVID while facing tough restrictions

• Growing a team of freelancers and scaling the business across Scotland

📸 Why Property Photography Matters

• How professional photos, videos, and floorplans boost sales and branding

• Case studies showing the difference high-quality marketing can make

• Breaking down packages, costs, and the value delivered to agents and investors

💬 Property Investing & Personal Growth

• Using his media business profits to buy his first rental property

• Training with Darren & Jillian Green and planning future HMOs and SA units

In this episode of the Scottish Property Podcast, Nick and Steven sit down with Jemima Spence, founder of Kelvin Grove Property Sourcing and Jemima Renovates. Jemima shares her remarkable journey from a modelling and acting career to becoming a property entrepreneur – and the challenges she faced along the way.

After leaving her ex-partner’s property business and walking away from a large amount of money, Jemima had to rebuild from scratch. During the COVID-19 pandemic, she launched her own sourcing business, found her first clients, and began growing a company that now helps investors source and refurbish properties across Scotland.

Jemima opens up about resilience, starting over, and why bold design and branding have become her trademark in property.

🎙️ Episode Highlights

🌟 Career Transition & Starting Over

• From a successful career in modelling and acting to property investment

• Leaving her ex-partner’s business and choosing to start again from scratch

• Building confidence and resilience through personal and professional setbacks

🏡 Launching Kelvin Grove Property Sourcing

• Starting her own business during the COVID-19 pandemic

• How she found her first clients and attracted investors

• Structuring her sourcing and refurb management fees

🛠️ Design, Branding & Refurbs

• Why she believes in bold interiors that make properties stand out

• Lessons learned from challenging renovation projects

• Using social media and personal branding to grow trust and credibility

💬 Personal Life & Growth

• Walking away from financial security to protect her independence

• Balancing business growth with her personal journey after separation

• Her focus on building a meaningful business – and a meaningful love life

In this episode of the Scottish Property Podcast, Nick and Steven sit down with Neil Dymock to break down the latest developments in the Scottish and wider UK property markets. From falling rents in Dundee to the impact of government taxes, Neil provides valuable insights for landlords, investors, and anyone keeping an eye on where the market is heading.

🎙️ Episode Highlights:

🏘️ Dundee Rental Market

• Dundee rents are down 9.9% – the only Scottish city to see a drop

• Why Neil sees this as a market correction after rents became unaffordable

• Despite falling rents, yields for investors remain strong

🎓 Impact of Purpose-Built Student Accommodation (PBSA)

• Growth of PBSA is reshaping Dundee’s HMO market

• Surplus of student accommodation, with more still being proposed

• Why foreign students prefer PBSA for flexibility and bundled costs

🏡 UK & Scottish Property Sales

• UK house prices: down 1.3% monthly, up 0.3% year-on-year

• Scotland outperforming the rest of the UK with 2.6% growth over 12 months

• Surge in Dundee first-time buyers boosting local demand

💰 Government Taxes & Policy

• LBTT (Land and Building Transaction Tax) as a major barrier to downsizing

• ADS (Additional Dwelling Supplement) at 8% deterring many small investors

• Record £714m in Scottish property tax revenue, with ADS contributing 31%

📊 Landlord Trends & Market Shifts

• One in three landlords considering exiting the market

• Private rental sector still growing, driven by professional portfolio landlords

• Self-managed landlords struggling with legislation, benefiting letting agents

⚖️ Potential New Tax – NI Contributions on Rental Income

• Government considering an 8% National Insurance levy on rental income

• Would apply to personally held properties, raising £2.18bn

• What this could mean for landlords and the wider market

The discussion covers everything from the growth of purpose-built student accommodation (PBSA) and its effect on HMOs, to landlord trends, tax policy changes, and the possibility of a new National Insurance levy on rental income. This is a must-listen for anyone wanting to stay ahead in a rapidly changing property landscape.