How the Referendum Will Affect The Scottish Property Market
Warners LLP |Referendum Hangover Brings Cure To Property Market
Edinburgh’s property market is enjoying a strong end of year run as the hangover from the Referendum fades, according to the capital’s leading solicitors and estate agents.
Warners, who have four property shops in Edinburgh, have seen the number of properties being listed for sale jump by 20% in December compared with October; while sales figures for the month are ahead of the same period in 2013.
Estate Agency Consultant Scott Brown said that while there has been a general improvement in Scotland’s housing market, fuelled by factors such as the Help to Buy scheme and greater consumer confidence, the impact of the Referendum could not be overlooked.
Scott said: “June and July are normally quiet months as it’s the holiday period. In August in Edinburgh, we also have the impact of the Festival contributing to the post-summer lull in the property market.
“In September things normally pick up but this never happened this year because of the Referendum, midway through the month.
“There was a combination effect of people delaying both buying and selling as the wanting to play the waiting game as they were concerned how the vote would go – in either case.
“It meant we had a slower second half of 2014 than we would have expected.
“But in the last six weeks, there has been a marked increase in activity – from both buyers and sellers.
“Our sales levels are ahead of 2013’s figures for the same period while we’ve seen about a 20% spike in properties being listed for sale compared with 4-5 weeks ago.
“It should mean for a very busy end of the year – with many people perhaps adding a property to their Christmas shopping list.”
Overall, Warners believe that Edinburgh’s property market has all but recovered to pre credit crunch crash levels.
Scott added: “While there will always be pockets that are the exception, prices in Edinburgh are now just a touch away from the levels we saw in 2008.
“That is being driven by stability in the jobs market. Edinburgh’s financial services sector is a still a major element of the city’s economic wellbeing.
“The fact that there is now more job security, coupled with increased employment opportunities, has contributed greatly to the performance of the property market.”