Recent UK energy supply disruptions have coincided with the coldest temperatures of the winter and prompted a substantial spike in gas prices.

The combination of cold temperatures, increasing heat demand, and unplanned supply outages have placed the UK energy system under severe stress in recent weeks. Gas prices in particular have taken a hit and are forecast to rise a further 1.9% between now and February 2018.

This comes after 6 months of significant energy price increases – since July 2017 gas prices have increased by 61% and electricity by 49%, so it’s important you take action now to avoid any future rises.

The North Sea Forties pipeline has been shut down for the next few weeks due to maintenance work. This will cut available oil and gas production in the UK, triggering another price spike given that we’ll be even more dependent on foreign imports.

System breakdowns are more common during harsh weather conditions, but recent events have raised concerns over the viability of the UK gas infrastructure.

So, what does this mean for your business?

Firstly, don’t panic. We can help. Our dedicated team is on hand to answer any questions. They’ll advise you on safeguarding against any future rises in price or issues related to cold snaps and increased demand.

Contact us as soon as possible and we’ll look to switch you to the right energy tariff for your business.

To find out more about how Utilitywise could help your business, click here.

The total value of the residential sales market in Scotland from 2007-08 to 2016-17 was just over £143.4 billion, according to a new report published today by Registers of Scotland (RoS).

The fifth annual publication of RoS’ 10-year property market report details the trends in the land and property market over the last ten years, from the pre-financial crisis period in 2007-08, through the subsequent economic downturn, to the latest trends in sales volumes and prices up to 2016-17.

RoS business development and information director Kenny Crawford said: “The Scottish property market is a significant component of the Scottish economy. In 2016-17, the total value of residential sales alone was £16.7 billion, an increase of 1.0 per cent when compared with 2015-16.

“We’ve also seen an increase in average house prices over the decade, up 7.7 per cent when comparing 2016-17 with 2007-08. Overall, house prices remained relatively stable across each year of the decade, with the exception of a more pronounced year on year increase between 2013-14 and 2014-15.

“While the 100,291 residential sales in 2016-17 remains down on the 149,145 sales recorded in the pre-financial crisis period in 2007-08, volumes in 2016-17 were the highest since 2007-08 and have been increasing year on year from the 10-year low of 70,510 in 2011-12.”

RoS’ property price statistics are compiled using data collected as part of the land registration process. This data is comprehensive, covering transactions across the whole of Scotland for all types of property sales, in residential and non-residential markets, and with actual sale prices, not just valuations. The statistics in the 10-year property market report cover values, volumes and prices in the different sectors, broken down by local authority area. For the housing market, the report provides an overview of trends in cash and mortgage-financed sales volumes, the market within Scotland’s seven cities, sales of properties within new-build developments and trends by house type.

Further key findings revealed in the report over the last 10 years include:
• new-build property sales accounting for 12 per cent of the all-Scotland sales in 2016-17, with a total of 12,014 sales
• a 36.2 per cent decrease in the number of residential properties sold for over a million pounds when comparing 2007-08 with 2016-17, although this should be seen in the context of a drop of 32.8 per cent in total sales volumes between these years
• a drop of 30.3 per cent in the number of sales being registered with a mortgage when comparing 2007-08 with 2016-17
• the proportion of residential sales being registered with a mortgage falling from 84.5% in 2007-08 to 69.0 per cent in 2016-17
• a market value of £4.1 billion for non-residential sales (includes commercial, land, agriculture and forestry sales) in 2016-17
• a 5.3 percent increase in the volume of commercial leases, from 905 in 2015-16 to 953 in 2016-17
The 10-year property market report is free to download from the property statistics section of our website.

• The Barclays UK Property Predictor reveals Glasgow’s suburbs set to increase by almost a quarter, followed by City of Edinburgh and Stirling
• Property prices across Scotland will rise by almost 6% in the next five years, bringing the average property value to almost £180,000

Glasgow’s suburbs are predicted to see the largest increase in average house prices in Scotland by 2021 according to new research released today (24 May 2017), the Barclays UK Property Predictor.

Affluent areas in Glasgow’s outskirts, East Renfrewshire and East Dunbartonshire, are set to rise by almost a quarter (23.8% / 22.5% respectively) over the next five years. Hot on its heels is City of Edinburgh (20.2%) and Scotland’s central belt hotspot, Stirling (19.1%).

Over the next five years, high employment rates, growth in private housing market levels and an increase in rates of average earnings will contribute to rising property prices across Scotland. The country is expected to see an overall average increase of almost 6% across the next five years, making it the fifth highest performing region across the UK, behind London (11.88%), East of England (9.38%) the South East (8.74%) and the Midlands (6.28%).

The Barclays UK Property Predictor provides a three-to-five year forecast of investment hotspots on the residential property market, revealing the areas across the UK where house prices and rental incomes are expected to rise. The research uses factors including rental trends, employment levels and commuter behaviour as well as current house prices to create an index of property hotspots. The research also surveyed high net worth investors from across the UK, to reveal where and why they plan to purchase property in the future.

According to the research, and despite an uncertain economic and political climate, the UK property market remains buoyant with prices in areas across the UK set to rise by an average of 6.1% by 2021, bringing the average value of a UK property to almost £300,000.

East Renfrewshire
Predicted to see the biggest property price increase in Scotland is Glaswegian suburb East Renfrewshire, the only destination in Scotland to rank within the top 20 areas of highest growth across the UK behind Westminster (31.9%), Cotsworld (31.8%) and Warwick (29.5%).

East Renfrewshire has long been considered an ideal place for aspiring young families to set up home. Up-market retailer, Whole Foods, opened its first Scottish store in Giffnock, while Newton Mearns and Clarkston are typified by excellent schools and high house prices. There is also a high proportion of highly qualified residents in East Renfrewshire, with 53% of the population educated to degree level or higher. These qualifications are linked to higher potential earnings and a related upwards pressure on housing prices.

East Dunbartonshire
Similarly, East Dunbartonshire, situated north of Glasgow, has ranked second in the Scottish regions and is expected to rise by 22.5%. Home to two of Scotland’s most well-heeled suburbs, Milngavie and Bearsden, they have some of the country’s best schools which are regularly ranked in Scotland’s top ten as well as being a sought after location for retirees.

With easy commuting distance from Glasgow, the research suggests that the once desired busy city life has been ditched for a more relaxed suburban lifestyle as parents are keen to escape the hustle and bustle of city centres to set up home in the outskirts.

City of Edinburgh
Home to five of the top ten most visited attractions in Scotland, City of Edinburgh has long been one of the most expensive places to live in Scotland. It is perhaps no surprise that that the city ranks within the Scottish top three, with prices expected to rise by a fifth (20%) by 2021.

The financial and tourism capital is also expected to experience one of the highest levels of short to medium term employment growth in Scotland over the 2017-2021 period (growth of 2.8%), and at the same time, the city is expected to see one of the highest population growth rates over the next five years at 4.5%, which will increase pressure on housing.

Edinburgh is also experiencing the highest rate of business start-ups per capita in Scotland (with nearly 88 businesses set up each year per 10,000 working age population).

Stirling
One of Scotland’s most historic cities, Stirling, is also expected to see prices rise by almost a fifth (19%) across the next five years. Abundant in rich heritage with its own castle and Wallace Monument, the traditional market town in the farmlands has become one of the country’s most desired locations.

Stirling recently secured a City Deal, thought to be worth around £500m, which focuses on the creation of a digital district, city park and regeneration of the harbour and River Forth. The project is predicted to create 3,000 new jobs and increase tourism by 25% to turn the city into a digital technology, food and drink hub.

The economic and employment growth opportunities in Scotland are pushing up house prices in many areas of the country, with Stirling being one of them. East Renfrewshire, East Dunbartonshire and Stirling all enjoy populations with high earnings, ranging from 6% to 28% higher than the UK national average.

Scottish property investment
The research from Barclays also reveals that investors in Scotland own three properties on average, bringing the average total value of a property portfolio in Scotland to £818,093. Across all UK respondents, one in 10 (11%) own property/properties in Scotland and over a third (39%) are being used for rental income. Over a third (36%) of investors in Scotland are planning to buy new property/ properties in the next three to five years.

Calum Brewster, Managing Director, Barclays, Wealth & Investments, North Region, Barclays, said:
“It’s encouraging to see that property is still viewed as an important part of the investment portfolio in Scotland with high net worth investors typically owning three properties and over a quarter planning to buy property because they believe that it offers long-term investment security.

“There is also increasing confidence among property investors in Scotland, as many are taking a long-term view when it comes to putting money into property. It’s also interesting to see from our research how investment prospects are emerging outside of the established property heartland of London and the South of England into Scotland, with economic growth and employment opportunity fuelling growth in hotspots across the UK.

“We are here to support our clients at various stages of their investment journey and we can help by offering a range of innovative and personalised mortgage solutions to meet their individual needs, whether they are a seasoned investor or a millennial looking to increase their income.”