Convey-iq

26/03/2024

Demand for Scottish properties has skyrocketed this year: In January of 2024, there was an increase in residential property sales for the first time in over six months. This is being attributed to a rise in demand from potential buyers and an increase in the number of properties available.

There is an expectation that sales will continue to rise over the next year - while prices haven't risen significantly yet, surveyors are more optimistic about future price increases. The lettings market in Scotland continues to see a high demand for rentals with a low supply. This trend is expected to continue and cause rents to rise.

https://www.scottishhousingnews.com/articles/rics-scottish-property-sales-reach-three-year-high

Residential property sales in Scotland experienced an upturn in January, marking the first positive growth in over six months, as reported by the Royal Institution of Chartered Surveyors (RICS) Residential Market Survey.

25/03/2024

Is now the right time to buy a house in Scotland? According to Nationwide’s House Price Index, someone raising a 20% deposit on a typical first-time buyer home would require 105% of the average annual gross income, around £42,266! 😲

This article from Nationwide proposes four solutions:
1. A review of the market
2. Stamp duty reform
3. Bringing back the Help to Buy ISA
4. Increasing the cap on high loan to income lending.

Nationwide believes these changes would make homeownership more accessible. https://www.nationwidemediacentre.co.uk/news/nationwide-urges-government-to-boost-homeownership-ahead-of-spring-budget

Asks include a market-wide review, reintroduction of Help to Buy ISA, stamp duty reform and an increase in higher loan to income lending

20/03/2024

Scottish Housing Market Update: March 2024

16 local authority saw price rises and 16 saw price falls, ranging from +9.7% in Inverclyde to -4.2% in Moray.

In January 2024, Midlothian had the highest annual growth rate at 9.9%, while Edinburgh had the biggest decline. Over the past year, house prices in Scotland have increased slightly.

However, the average house price in Edinburgh has fallen by 18%. This is due to a decrease in the price of terraced properties.

On a national level, the 2023 total transactions were the lowest since 2013. The average Scottish house price is now £221,693, unchanged on December, but 0.2% up annually.

https://www.mortgagestrategy.co.uk/news/scottish-house-prices-show-distinct-regional-variations/

According to the latest Walker Fraser Steele Acadata House Price Index Midlothian had the highest mainland annual growth rate in January at 9.9%; while the city of Edinburgh saw the largest weighted fall in prices annually. Looking at the weighted movement in prices, from January 2023 to January 202...

15/03/2024

AI in the property industry: AI-powered matching tools! Platforms can analyse buyer/tenant preferences and match them with suitable properties, leading to quicker transactions and higher satisfaction.

https://www.linkedin.com/pulse/ai-fintech-automation-real-estate-industry-recapeg-wup1f/?trk=article-ssr-frontend-pulse_more-articles_related-content-card

15/03/2024

AI in the property industry: AI chatbots! AI chatbots can handle initial inquiries, provide 24/7 property information, and schedule viewings, freeing up agents' time for more complex tasks.

https://www.linkedin.com/pulse/forget-hype-ai-real-estate-here-stay-heres-why-geoff-de-weaver-liakc/

15/03/2024

AI in the property industry: Virtual tours with AI assistance! AI can create high-quality virtual tours with interactive features or 360° views, enhancing user experience and remote viewings.

https://www.linkedin.com/pulse/what-virtual-tour-real-estate-app-how-ai-improving/

14/03/2024

AI is poised to significantly impact how estate and letting agents market properties in the UK in the coming months and years. Today we're looking at AI-powered content creation: Platforms can generate property descriptions with key features and selling points, saving time and ensuring consistency.

https://narrato.io/blog/ai-in-real-estate-content-marketing-how-and-when-to-use-it/

Did you ever imagine a time when artificial intelligence could influence your real estate business? Sounds a bit like a sci-fi film, right? However, the truth is, that time is now! Artificial intelligence (AI) has swiftly sprung from the realms of science fiction into our everyday reality, and yes,

12/03/2024

Affordable Housing Focus: The Scottish government prioritises building more family-sized homes. This could impact property demand and potentially drive rental yields in specific areas.

"The Affordable Housing Supply Programme (AHSP) comprises a range of funding mechanisms to enable affordable housing providers to deliver homes for social rent, mid-market rent, and low cost home ownership in communities across Scotland to support local authorities’ Local Housing Strategies.

"The Programme for Government makes clear we are committed to delivering 110,000 affordable homes by 2032 of which at least 70% will be available for social rent and 10% will be in our remote, rural and island communities." Read more 👉 https://www.gov.scot/policies/more-homes/affordable-housing-supply/

Information on the Scottish Government's targets for, and guidance on, delivering affordable homes in Scotland.

11/03/2024

Retail Reset: Despite an overall decline, retail investment in Scotland outperformed other sectors in 2023

https://www.insider.co.uk/news/scottish-commercial-property-investment-falls-31831743

Investment volumes in Scotland totalled £1.49bn in 2023

07/03/2024

⚡Energy Efficiency Changes: Landlords, be prepared! New regulations in Scotland require improved energy efficiency ratings in rental properties by 2025. Prepare your properties and consult with a qualified energy assessor 👉 https://www.gov.scot/policies/energy-efficiency/

05/03/2024

AI is poised to significantly impact how estate- and letting-agents market properties in the UK in the coming months and years. Here's a breakdown of what we at ConveyIQ think will be the potential applications 👇

1. Automated & Targeted Marketing:
• AI-powered content creation: Platforms which can generate property descriptions with key features and selling points, saving time and ensuring consistency.
• Personalised advertising: AI algorithms analyse buyer/tenant data and search trends to target online ads and social media campaigns to the most relevant audience.

2. Enhanced Property Listings:
• Virtual tours with AI assistance: AI can create high-quality virtual tours with interactive features or 360° views, enhancing user experience and remote viewings.
• AI-powered image editing: Tools can enhance property photos, remove clutter, virtually stage rooms, or even create realistic floorplans, attracting more interest.

3. Streamlined Client Communication & Matching:
• AI chatbots: AI chatbots can handle initial inquiries, provide 24/7 property information, and schedule viewings, freeing up agents' time for more complex tasks.
• AI-powered matching tools: Platforms can analyse buyer/tenant preferences and match them with suitable properties, leading to quicker transactions and higher satisfaction.

4. Market Insights & Competitive Analysis:
• AI-driven market analysis: Tools can analyse local market trends, predict future prices, and inform pricing strategies for both sellers and landlords.
• Automated competitor analysis: Platforms can track competitor listings and suggest adjustments to optimise property marketing campaigns for better visibility.

Overall, AI is expected to:
• Increase efficiency: Automate repetitive tasks, allowing agents to focus on building relationships and completing transactions.
• Improve client experience: Personalise advertising and communication, provide 24/7 support, and streamline the property search process.
• Gain a competitive edge: Utilise data analysis to create targeted marketing strategies and stand out in a crowded market.

AI won't replace human agents entirely. Their expertise, negotiation skills, and local market knowledge will remain crucial. However, AI will become a powerful tool for agents to work smarter, not just harder, and provide exceptional service to their clients.

05/03/2024

Scotland's PropTech sector is booming! New technologies are revolutionising the property market, from virtual tours to AI-powered valuation tools.

https://www.jll.co.uk/en/trends-and-insights/research/technology-industry-real-estate-trends

Trends shaping commercial real estate in the technology industry, creating workspaces fit for the future