One reason why such overheating is unlikely is that the present housing market differs markedly from the housing boom of the 1980s, which was far more hysterical than what has been seen in Scotland over recent years. The housing market did spiral out of control in some areas in the 1980s, but we are not yet approaching a similar position of unsustainability today, and nor should we, provided that growth remains on the steady course it is plotting at present.
For whilst the housing market in Scotland has enjoyed a sustained period of buoyancy over recent years, there has been no sudden ‘boom’, for which we should be grateful as it raises the prospect of managing to avoid the ‘bust’ that invariably follows such booms as sure as night follows day. And although the last 12 months has seen the market exceed the most optimistic predictions made by the vast majority of economists, surveyors and so-called expert commentators, it remains under control.
This means that, in the absence of any significant increase in interest rates – and interest rates are predicted to rise marginally or decline marginally dependent upon which newspaper you read on any given day – then there is little if any grounds to forecast anything other than growth, albeit at a more modest pace than that seen in recent years. Exceptionally prepared proficient land appraisers, while more extravagant, can viably focus a home’s actual worth furthermore consider variables a PC produced report can’t.
Before you knock down your living room wall to give you the open plan space you’ve always wanted you may be surprised to learn that, even though it’s your house – after all, it is you who pay the mortgage on it – that doesn’t grant you the automatic right to alter it as you see fit without first seeking permission from the local authority.
When the time comes to move house, those over-enthusiastic DIY aficionados who are unable to resist the temptation to alter their homes, without first obtaining permission from the local council’s Building Control department, will discover that the authorities may catch up with them and demand that they either restore their homes back to their last recorded layout or, alternatively, apply for the necessary permission in retrospect.
Such retrospective applications usually involve a more expensive submission fee than if permission had been sought prior to the sledgehammer being lifted. In almost every case plans prepared to a professional standard showing the alteration still require to be drawn up to ensure that the council has a record of the works carried out.