Podcast: Property market in St Andrews
How is the property market in St Andrews?
Join Paul and Megan for the season finale of the ESPC Property Show, recorded from the luxurious Old Course Hotel in St Andrews. They are joined by Lynsey Dammer and Douglas Kinnear from Thornton's estate agents to delve into the unique charm of the St Andrews property market.
Discover why this historic town, known for its university and golf, remains a top choice for home buyers and investors. From property types in high demand to the impact of student housing regulations and the booming international market, this episode offers valuable insights for anyone considering a move to St Andrews.
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Key Insights
Unique Appeal of St Andrews
St Andrews stands out for its distinctive blend of history, culture, and recreation. Known as the birthplace of golf, it is home to the world-renowned Old Course, attracting golf enthusiasts globally. The town's medieval historic centre, coupled with its beautiful beaches, creates a picturesque setting. Additionally, the presence of the University of St Andrews, one of the oldest in the UK, adds to the town's vibrancy and international appeal. This unique combination of attractions makes St Andrews a highly desirable place to live and invest in property, offering a lifestyle that blends academic prestige, historical charm, and recreational opportunities.
High Demand for Town Centre Properties
Properties in the town centre of St Andrews are in high demand, primarily due to the student population from the University of St Andrews. With over 10,000 students seeking accommodation each year, there's a constant need for housing close to the university. This demand has led to a competitive market, with many properties being sought after not just by students but also by investors looking to capitalise on rental opportunities. The convenience of living in the town centre, with easy access to amenities and the university, makes these properties particularly attractive.
Impact of HMO Licensing Restrictions
Houses in Multiple Occupation (HMO) licensing in St Andrews has significantly impacted the property market. A ban on new HMO licenses in the medieval town centre was introduced to control the density of student accommodations. Existing HMOs were grandfathered in, allowing continued operation if they had been used as such for at least ten years. This restriction has led to a high demand for existing HMO properties and increased the popularity of smaller, two-bedroom flats that do not require an HMO license. Consequently, this has shaped the types of properties that are most sought after, particularly among landlords and investors.
New Developments in St Andrews
The property market in St Andrews is also influenced by new housing developments, particularly in the St Andrews West area, which plans to add around 900 new homes. Additionally, the David Wilson Homes project is adding about 200 homes. These developments aim to address the high demand for housing in the area. The expansion resembles the growth seen in North Berwick, where new housing areas have emerged on the outskirts of the old town. These new homes are proving popular, offering modern living spaces while alleviating some pressure on the traditional town centre housing market.
Market Trends: International Interest and High-Value Properties
St Andrews has seen a notable increase in international buyers, particularly those interested in properties close to the golf course and the historic town centre. High-value properties in areas like the Links Road and the Scores often fetch seven-figure sums. This trend is driven by the town's global reputation, its prestigious university, and its status as a golfing mecca. These factors contribute to significant property value inflation, making St Andrews a lucrative market for luxury real estate. The international market is particularly strong in traditional, desirable areas close to major attractions.
Advice for First-Time Buyers
First-time buyers in St Andrews face unique challenges, primarily the need for larger deposits due to high property values. Properties often sell for more than their home report valuation, further necessitating significant financial preparation. A one-bedroom flat on the outskirts of town can cost around £200,000. Prospective buyers are advised to be well-prepared and realistic about their budget. It's also beneficial to engage with local estate agents who understand the nuances of the St Andrews market, helping buyers navigate the competitive landscape and find suitable properties within their financial reach.
Community Life and Cultural Offerings
St Andrews boasts a rich cultural scene and a strong sense of community. The town hosts numerous cultural events, such as performances by the Scottish Chamber Orchestra and literary events at the local Topping & Company Booksellers. The annual Dunhill Links Championship brings celebrities and golf enthusiasts to the town. The university contributes significantly to the town's vibrancy, integrating well with the local community. St Andrews also offers various local amenities, including golf clubs, amateur dramatics societies, and the Byre Theatre, ensuring a dynamic and engaging lifestyle for residents.
Importance of Consulting Local Property Professionals
For those considering moving to St Andrews, consulting with local property professionals is crucial. These experts have a deep understanding of the local market, including nuances like HMO and short-term holiday letting licenses. Early engagement with a knowledgeable estate agent can provide valuable insights into the best areas to buy, current market trends, and hidden gems within the town. Local professionals can offer tailored advice and help buyers navigate the competitive market, ensuring a smoother and more informed property purchasing process. Their expertise is particularly beneficial for international buyers or those unfamiliar with the area.
