| Comment | People want a place to live so they need to engage in the system. Even if this was abolished, I don't think property prices would change. You would just see higher asking prices. As long as people are willing to pay given amount for a property, the system is actually not that important. Market sets the value. I would say that having this system actually keeps the prices lower due to mortgage limit exposed by HR valuation. There is more people with high affordability to borrow more but without extra 50-80k to bid over the HR. Other countries do not have this system but their properties are much more expensive than Scotland where, outside a few affluent areas, prices are comparatively not that high. Even when you consider ration between income and property prices.
You can make your offer anytime but no seller will accept it having many other notes of interests / offers. Let them fight to get the highest price. |
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