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Brakes to come off Scottish housing market after 'No' vote


09-20-2014

 

House in Scotland for sale

Key cities of Glasgow, Edinburgh and Aberdeen to lead a comeback for Scotland's property market 
 

House in Scotland for sale

Scotland's housing market suffered a "notable slowdown" in the run up to the referendum according to surveyors and solicitors, with some buyers conditioning their purchases on the outcome of the historic vote.

 
By Denise Roland

The decisive 'No' vote in the Scottish referendum will unleash a new wave of activity in the country's property market, experts have said.


Ran Morgan, head of Knight Frank Scotland, said house buying would resume its normal pace now that the uncertainty of the in-out vote has ended.


“The certainty provided by a ‘No’ vote will allow the property market to return to more normal trading conditions. The fundamentals are in place to ensure a full recovery, led by the key cities of Edinburgh, Aberdeen, Glasgow and rural counties within commuting distance of large employment hubs," he said.


Moreover, the next few months may prove especially vibrant since buyers who had been delaying decisions in the run up to the referendum return to the market, he said.


"We believe that the outlook for the prime property market in Scotland is positive. Our forecast is that prime values will rise by 3pc by the end of this year and by a further 3-6pc in 2015," he said.

Scotland's housing market suffered a "notable slowdown" in the run up to the referendum according to surveyors and solicitors, with some buyers conditioning their purchases on the outcome of the historic vote.

The No vote will also quell fears of a sharp slowdown in the housing market across the UK.

Property website Rightmove warned earlier this week that the UK's housing market recovery could be put into reverse should the Scottish public vote for independence in the referendum on Thursday.

Instead, the property market is likely to continue on its upward trajectory, buoyed by the economic recovery and heightened consumer confidence.

The number of sales recorded by HMRC in England and Wales for the year is currently on course to reach 1.2m, a significant jump on the 920,000 transactions last year and the 800,000 five year average.

Zoopla also released research earlier this week showing that a Yes vote could wipe £31,000 off the average house price in Scotland .

www.telegraph.co.uk

 

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