As experienced by many businesses recently, relocation work has rather dried up in the last 4 weeks. My 3 main areas of work – schools, housing market, and moving admin – are either closed, suspended or out of bounds!
However, with 3 children now home schooling, it is a blessing for us all, although they may not think so. The main aim is remaining sane, eating healthily most of the time, and getting some Scottish sun when we can.
Here are some things to keep in mind if you want to relocate to Edinburgh during the lockdown.
Edinburgh Property Market
The big question now is what will the Edinburgh Property market look like when things get back to ‘normal’, and what will ‘normal’ be?
Pre lockdown, the market up here was still growing in strength, and Spring sales were looking hopeful. The average property selling price over the first quarter of 2020 was up 2% from the previous year at £258,685. Selling times in Edinburgh was 23 days, down 4 days from last year.
The average percentage of Home Report Valuation achieved was 103.8% compared to 103.7% last year. The demand for quality of life and getting more for your money, has made Edinburgh a desirable place to live, but still relatively affordable compared to other university cities.
2019 was very much a seller’s market, due to lack of available property and plenty of willing buyers. Predictions were that 2020 would be similar but perhaps with a little levelling of the scales. That was before Covid-19 and the near complete shutdown of the market here in Scotland.
Problems Selling – Home Report and Valuations
To sell a property in Scotland you need a Home Report before it can be put on the market. This requires a surveyor to visit the property in person. This cannot be done until the current social distancing measures are lifted.
Virtual valuations are being offered by several agents, where between detailed questions and a virtual tour, an estimated value can be produced. Many agents are offering virtual viewings of properties already on the market, and offers have been made and accepted over the last few weeks.
If you have overcome all these issues, the last remaining one is concluding the missives and sale. When the Registers of Scotland halted the processing of documents last month it sent shock waves through the industry and put a temporary halt on all transactions.
Until the Law Society of Scotland, RoS and lenders agree on a safe way forward, borrowing and buying in Scotland is bottlenecked.
Problems Buying – Mortgages & Removals
Some mortgage lenders have tightened their borrowing restrictions and are no longer offering mortgages on small deposits. At the moment it is impossible to physically view a property, but some agents have organised virtual viewings which will certainly help.
You may know the area and market well, and have seen the House Report, but will the valuation be the same when restrictions are lifted? If you are confident in your purchase, it is important to remember that the process will take longer than normal. Your solicitor is your first port of call for answers.
Please remember that removal firms have been told that unless deemed essential, relocating someone is not a viable reason for working. All the big name Removal Firms have shut up shop.
Future Market Value
The big question everyone is asking. Will the market survive, will it crash, will it take long to bounce back? Who knows.
Common sense would suggest that if the economy has taken a big hit, and people have lost jobs and businesses have folded, then there is going to be less money, a drop in demand and an unfortunate increase in supply. But this is a guess, and cautious pessimism from someone who just lives here and loves the city.
I’m not an Estate Agent, Economist or property mogul! Edinburgh has however, often bucked trends, and certainly has the ability to bounce back quicker than the rest of Scotland.
Moving with Kids
Edinburgh schools are back into term time and working like crazy to keep the academic and creative curriculum going. Talk about a steep learning curve!
If you are thinking about moving to Edinburgh with the family, most schools will have virtual tours on their websites. It should at least give you a taste of what they are all about. In the meantime, why not follow them on Social Media.
The schools are being hugely creative with their time and expertise during this period. There are examples of all sorts of volunteering, producing PPE, offering parking space for NHS staff, cooking and delivering meals to vulnerable people in Edinburgh.
If you want to have a chat about how I can help you move to Edinburgh please get in touch.