Troon Quarterly Report
By Colin McCrossin
Buyers in Troon area continue to show a distinctive appetite for properties up to the £500,000 mark this third quarter, a market dynamic which reflects the challenge that current tax threshold represents for the upper market segments.
Our local team has seen overall positive results in terms of sales and activity levels in Troon and a very dynamic entry-level market with a 10% increase in properties between £100,000 and £500,000 being sold year to date compared to 2017.
The Land and Building Legislation Tax which replaced stamp duty in April 2014 continues to put the brakes on sales above the £500,000 mark in the local area. As a consequence we have to highlight the importance of accurate and realistic home report values, which in turn helps us provide our clients with the very best level of service and indeed a swift and satisfactory sale.
In the higher property price bracket we have seen positive development as our local team have successfully negotiated five sales above the £800,000 mark since the beginning of 2018.
Buyers show a special interest for local bungalows of up to £500,000 and with lots of financing options available, it is bound to be a busy autumn as keen buyers are looking to complete a swift sale, so please make sure you get in touch with our local team if you are contemplating a move in the near future.
Of further note is the abundance of new build homes on the outskirts of Troon which proved to be a very interesting proposition for local buyers as they find them easier to finance than second hand homes.
While some local sellers and buyers have been showing caution in the face of future economic uncertainty, we believe the current context presents a great opportunity to make a move on the property market. Although the interest rate has been further raised by 0.25% in August, we are still to see a knock on effect on the mortgage market. With plenty of lenders competing there is a vast range of financing products to choose from currently so we recommend local sellers to push on with their plans of making a move, as there is plenty of opportunity to finance your plans at the moment.
September has been incredibly busy for our Troon office, with higher than expected levels of activity and sales and we should definitely see the momentum go well into October and November, before the usual quietening of phones as Christmas approaches. But before we get into a celebratory end-of-year mood, let our local branch help with your next move, just take advantage of our confidential, complimentary valuation service with absolutely no obligation.