Bothwell property market beats credit crunch

Jul 3 2008 by Alastair McNeill, Hamilton Advertiser

HOUSE-HUNTERS with over a million pounds to spare are still choosing to live in Bothwell, a firm of surveyors claimed this week.

J & E Shepherd of Hamilton said the top end of the village market has largely been unaffected by the credit crunch and the tightening of the mortgage market experienced elsewhere in the county – and even in other parts of Bothwell.

A number of houses are currently valued in excess of £1m, including one at Countess Gate at offers over £1.15m and another at Imperial Place at £1.55m

J & E Shepherd associate Norman Robb explained: “The very fact that Bothwell is such a desirable location can itself mean that the level of activity in its housing market is not comparable to that found in neighbouring towns such as Hamilton and Uddingston, for the simple reason that having found their dream home homeowners are understandably reluctant to move again.

“Consequently, the top end of Bothwell’s housing market tends to be relatively settled, with properties coming to market noticeably less frequently than, for example, some of the popular former local authority housing stock in the town.”

A slowdown in sales in the “mid-market” sector was, however, more noticeable, Mr Robb pointed out.

While there was no indication that the values of these properties were falling, he said, there was “ample evidence” that house prices in the village were returning to “more sustainable rates of growth”.

Mr Robb added: “As well as its desirability as a location, Bothwell is better protected against any decline in house values by the fact that there is noticeably less building activity in the town than in neighbouring locations where the supply of property rises more frequently.”

He further stressed that there are sectors of the Lanarkshire housing market where property values are on the up.

“These rises are more cautious than was the case a year ago,” added Mr Robb.

“Many of the former local authority housing estates in Bothwell, Hamilton, Uddingston, Larkhall and Stonehouse, in particular, remain popular, due partly to their comparative affordability with similar-sized homes situated closer to Glasgow city centre.”