The Elite Ayrshire Business Circle

The Elite Ayrshire Business Circle

Thursday, 14 July 2016

Brexit uncertainty hits activity in the Scottish housing market

Uncertainty fuelled by the EU Referendum, coupled with the higher stamp duty now in place on investment property purchases, has resulted in a marked drop in activity in the Scottish housing market, according to the RICS UK Residential Market Survey, June 2016.

New buyer enquiries declined significantly across Scotland during June, with 21% more chartered surveyors reporting a fall in interest – this sharpest decline since 2012. The drop in demand was witnessed right across the UK, with the south of England the hardest hit. Anecdotal evidence suggests both the EU referendum result and the tax changes are having an impact on sentiment.

In June, there was also a further fall in the supply of properties coming on to the Scottish housing market, highlighting the continued challenge presented by the lack of stock.  Throughout the UK, 45% more chartered surveyors saw a fall in new instructions in June, following a net balance of -31% in May.  This is the steepest fall on record.

The market has also seen a further decline in sales with a second successive monthly drop in activity across Scotland.  Contributors expect this trend to continue with 9% more respondents anticipating a further drop in sales across the Scotland over the next three months; this is the first time the sales expectations series for Scotland has turned negative since January 2013.

Looking further ahead, sales are now projected to fall over the next 12 months across UK. Indeed, 12% more contributors expect transactions to fall rather than rise, the weakest reading over the past four years.

Although Scottish house prices continue to rise for the time being, short term expectations have turned downbeat, with a net balance of 23% more respondents predicting a drop in house prices over the next three months.

The picture for near term price expectations are now in negative territory across the whole of the UK, with 27% more respondents expecting to see prices fall rather than rise over the next three months. Rent expectations over the same time horizon remain more resilient and are still broadly consistent with an increase of just over 20%.

RICS chief economist Simon Rubinsohn commented: “Big events such as elections typically do unsettle markets so it is no surprise that the EU referendum has been associated with a downturn in activity. However, eve n without the build up to the vote and subsequent decision in favour of Brexit, it is likely that the housing numbers would have slowed during the second quarter of the year following the rush in many parts of the country from buy to let investors to secure purchases ahead of the tax changes.

RICS data does suggest that the softer tone to the market will persist over the coming months but the critical influence looking further is how the economy performs in the wake of the uncertainty trigger by the vote to leave. Respondents to the survey are understandably cautious but with interest rates heading lower and sterling significantly so, it remains to be seen whether the concerns about a possible stalling in both corporate investment and recruitment are justified’’

Eric Curran FRICS from DM Hall LLP Glasgow commented: “Uncertainty, confusion and confidence issues have increased on the back of Brexit but there still remains a limited supply of property in many locations. Brexit may prevent overheating of the more desirable locations.”

Monday, 11 July 2016

Celebration as Council complete £10m housing development at Lochside

Residents from the landmark housing development at Lochside in Ayr were proud to show off their new homes as part of celebrations to mark the finish of the Council's largest affordable housing project to date. 

The project which sees a total of 102 Council houses built on the site of the old greyhound track and demolished maisonettes started in February last year and has been completed ahead of schedule and below budget. Councillors were keen to see for themselves just how the new housing has transformed the lives of hundreds of residents and the wider community. 

The development which was supported by Scottish Government funding of £4.7 million is part of a £17 million investment in new affordable housing across South Ayrshire over the next two years.

Minister for Local Government and Housing Kevin Stewart said: "This is an excellent example of partnership working to deliver much needed affordable homes in the area. The homes are a positive addition not only to the families who occupy them but also to the wider community within Ayr.

“This Government is investing over £3 billion over the next 5 years to deliver 50,000 homes as everyone should live in a good quality, affordable and sustainable home and have the opportunity to be part of a thriving community.”

Councillor Philip Saxton, Housing and Customer Services Portfolio Holder for South Ayrshire Council said: "It was great to see the finished houses; they are exceptional and the quality really does shine through. A lot of consideration has been given to ensuring the homes are energy efficient, modern and bright and have the space to adapt to the needs of our tenants who are clearly impressed with their new accommodation. 

“Houses make streets but people make communities so it has been fantastic to hear the difference the new homes are already making. From the very start, locals worked with the Council to ensure the project reflected their needs. The community will benefit not only from the housing but from new play areas which encourage health and wellbeing.”

The Council has worked closely with main contractor Cruden Building and Renewal on the project. As well as employing local traders on the site, Cruden created apprenticeships and also had eight Council apprentices working on the houses to give them valuable experience.

Cruden also provided Braehead Primary with sporting equipment and gave materials to Braehead Nursey for a building project.

South Ayrshire Council is a Founder Member of the Elite Ayrshire Business Circle.

Sunday, 10 July 2016

CKD Galbraith offers for sale successful working Ayrshire stud farm

A purpose built South Ayrshire stud is now offering prospective buyers the chance to take the reins as it goes on the open market through Scotland’s leading property consultants, CKD Galbraith.

New Hall Stud, formerly known as Hall Farm Stud, was established in 1975 and has bred many winning race horses over the years, the most prolific being Donna Blini (Bertolini ex Cal Norma's Lady).

Starting with a handful of mares, the stud has grown to run a band of approximately 36 broodmares and their foals. In 2000 the stud relocated to its current location in Barbieston to concentrate solely on breeding quality, commercial racehorses. Along with the broodmares, facilities are also provided for yearlings, a number of recuperating horses out of training and resting broodmares.

The property’s outstanding facilities are ideally placed for the market town of Ayr and Ayr Racecourse and have numerous fixtures to allow new owners to continue operating as a stud farm or as an exceptional competition or livery yard.

The sale of New Hall Stud includes a beautifully presented three bedroom house completed in 2001. The property sits in a peaceful position and offers views of the surrounding gardens and grazing paddocks. The outlook is best enjoyed from the spacious kitchen and adjoining living room with double height oak beams, tiled underfloor heating and French doors opening out onto the enclosed rear garden.

The stud is well equipped for a range of equestrian uses with 27 loose boxes, including four foaling boxes, staff room, main office, a covered arena, horse walker and several yearling and foaling sheds. The land comprises 12 well fenced paddocks giving a total of around 66 acres of land, this has been divided into five nursery paddocks and seven smaller paddocks.

Vivien Wright, who is handling the sale of New Hall Stud from CKD Galbraith’s Ayr office, said: “It’s very rare for such a well-equipped and modern equestrian property to appear on the open Scottish property market and we expect a high level of interest from within the equestrian fraternity.

“New Hall Stud offers a superb business opportunity coupled with a superb residential house, outbuildings and land all of which are in prime condition allowing for a smooth transition for new owners to take over.”

The property is conveniently location for easy access to Ayr, Glasgow and beyond via the A77 and M77 whilst the pretty village of Coylton is a mere two miles away. Coylton has a well-regarded primary school, several shops and a medical practise. A wider range of amenities can be found in Ayr including a cinema, state and private secondary schools, sports facilities and restaurants.

New Hall Stud is on the market at offers over £800,000.

CKD Galbraith 
7 Killoch Place 
Ayr KA7 2EA 
Ayrshire, Scotland 

Contact: R A Cherry BSc MRICS 
Tel: 01292 268181 
Fax: 01292 292300 

About CKD Galbraith

CKD Galbraith is an independent property consultancy employing 225 staff in offices across Scotland including Edinburgh, Stirling, Perthshire, Cupar, Inverness, Castle Douglas, Ayr, Elgin, Galashiels, Kelso, and Aberdeen, offering local knowledge, national expertise and enjoying international reach.

The firm is Scotland’s largest and leading rural consultancy managing and providing advice on farm, forestry, land and estate interests on over three million acres.  CKD Galbraith provides the full range of property consulting services across the residential, commercial, rural and renewable energy sectors throughout Scotland and northern England. The partnership also enjoys a successful relationship with its associate firm CKD Kennedy Macpherson.

CKD Galbraith’s Ayr Office is a Founder Member of the Elite Ayrshire Business Circle.