House price rise if Scots stay in the Union
Estate agents predict a house price rise if there is a no vote. Picture: TSPL
by TOM PETERKIN
HOUSE prices will rise more quickly if Scotland remains in the UK than they would if there is a Yes vote, a leaked document from estate agents Savills has suggested.
A presentation given by the estate agent this month, titled “Financing Property 2014”, obtained by the Better Together campaign, estimated that Scottish house prices would rise by 25.2 per cent in the years between 2014 and 2018 in the event of a No vote.
According to Savills, if Scotland leaves the UK, the house price rise over the same period to 2018 would be only 10.9 per cent.
Better Together calculated that with a No vote an average house priced £160,000 would rise in value to £200,320. If there was a Yes vote the value of such a house would be £177,440.
The difference between the two scenarios over the four-year period is nearly £23,000. The presentation noted the independence White Paper did not mention residential property. It said “uncertainty” was becoming a concern for some buyers and sellers, the currency options could affect property values, and the independence effect was affecting buyers from south of the Border.
Conservative MSP Murdo Fraser said: “These figures from highly respected property experts are yet another clear sign of the very real costs of separation.
“The benefits to home owners in Scotland of being part of the UK are being put at risk by the nationalists’ obsession with separation.
“It’s clear from this report that Alex Salmond’s failure to give honest answers about what would replace the pound is bad for Scotland.
“We need to know his Plan B – would we rush to adopt the Euro or set up an unproven separate currency?
“As part of the UK we can benefit from the strength, security and stability of being part of the larger UK economy.”
A Scottish Government spokesman said: “Housing is and will remain a priority for this Scottish Government but with the powers of independence we will be able to do more to support Scotland’s housing market.”