Property Owners Worried About Property Falling in Value in Scotland Because of Coronavirus COVID-19 Should Read This

Property Owners Worried About Property Falling in Value in Scotland Because of Coronavirus COVID-19 Should Read This

Sellers Should Beware of Perceived ‘Losses’ That Don’t Exist in Reality

A hypothetical example…

Somebody bought a property in 2012 for £240,000. They see a similar property sold in December 2019 for £340,000, with a Home Report valuation of £280,000. 

Their own property is today valued at £300,000, with a likely Home Report valuation of £270,000 because less people are bidding at Closing Dates and the level of buyer competition has dropped. 

They are disappointed that their property has ‘lost’ value. But it hasn’t. And you just need to get over that perception and move on. 

The reality is that their property was never ‘worth’ £340,000 to them. It was only worth that if they had sold it at that particular moment in time. At that time, its value to them was as a rental, an AirBnB or as a home.

This person is better to consider that:

  • They have ‘made’ £60,000 in 8 years for doing little more than paying the mortgage; and
  • If they consider this to be a ‘loss’, that ‘loss’ might get worse before it gets better.

Be Safe and Be Considerate

We have put in place a number of measures to protect the business, our staff and contractors, our clients and our customers during the coronavirus outbreak. For now, however, we are not advising anyone that the should not conduct or attend property viewings. 

We do, however, recommend that everyone exercises the same common sense that they do in other aspects of their daily lives during the outbreak and that they make themselves fully aware of how to minimise risk not just to themselves but to everyone else.

For more information and guidance about how to reduce the risk of contracting and spreading Coronavirus, please check the following link to the NHS website.

If any of the following applies to you, please do not go ahead with a viewing, whether you are a viewer or a seller.

  • You have been diagnosed with coronavirus;
  • You have returned from any of the following Category 1 or Category 2 countries in the past 14 days;
  • You are currently self-isolating;
  • You are currently exhibiting any of the following symptoms: a high temperature or a new continuous cough.

We’re Here to Help

If you are thinking of buyer or selling your property, our expert team is here to talk you through the best approach to getting the best value in the current circumstances.

Call 0345 646 0208 (Option 1) today, email valuations@mov8realestate.com or book a call back at a time that suits you by following this link

I'm Robert Carroll, Managing Director of MOV8 Real Estate, Estate Agents and Solicitors. MOV8 is an innovative and forward-thinking, all-in-one estate agency and solicitor firm with its Head Office in Edinburgh and a City Centre office in Glasgow. We buy and sell literally thousands of properties for property buyers and sellers in Scotland every year, so I see first-hand every day what is actually happening in the property market. This blog aims to give an honest, fresh and sometimes light-hearted take on what is happening in the Scottish property market.

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