Scottish Property Market Trends Post Brexit
Brexit was an unexpected decision taken by the UK people in the referendum that was held in June this year. The people of the country decided to leave the European Union which came as a surprise to the rest of the world. People in other countries were not expecting such an outcome from the referendum. Even the property market within the UK wasn’t really ready for this. Immediately after the Brexit decision, the property situation in the UK market stagnated overnight. However, did the same effect happen in the Scottish property market or not? It doesn’t appear as though it has affected it much but has it fared better than its UK counterpart.
In order to see whether the Brexit has had a positive or negative impact on the Scottish property market or not, we would have to look at the recent trends in the country’s real-estate industry. The following is what has happened so far in the Scottish property market in the wake of the Brexit.
• No Significant Change
A cursory look at the trends in the Scottish property market suggests that there has been no change whatsoever in it post the Brexit vote. The situation in Scotland, for now, remains the same. Most of the real-estate experts here suggest that the growth rate of the Scottish property market has largely remained undeterred despite the uncertainties that the Brexit was supposed to cause here. While many people were suggesting that if the UK property market fell down, it would have a same impact on Scottish properties too, it hasn’t yet materialised. It could all change in the future though but as of now it is business as usual in Scotland.
• Wait and See Approach
While the Brexit did not have a bad impact on the sale and purchase of Scottish properties, it did cause a little uncertainty among the buyers and sellers in the initial few days after the Brexit vote. This led to a wait and see approach being exercised by some property sellers and buyers. A large drop in the number of houses going up for sale was recorded in Scotland immediately after the decision came out. A big reason for this was uncertainty but it didn’t last long. Buyers and sellers were soon free of the uncertainties and Scottish properties were back on the market again in no time.
• Supply Shortage
For quite a few years now, Scottish property market is seeing a supply shortage. Since no new homes are being constructed, the demand for old properties is quite high. Buyers are looking to buy homes and this means that the sellers are able to get the price that they looking for. This hasn’t changed even after the Brexit. While buyers in Scotland did try to use Brexit vote as a means for negotiating a better deal, they weren’t able to succeed in their endeavours. So, in this regard as well, the Scottish property market has largely remained undisturbed post Brexit. If you want to sell your Scottish property quickly for a fair price then visit Harwood Quick Sell.
• Buyer Activity Remains High
The Scottish property market has been seeing high buyer activity since 2008. Even after the Brexit vote, this hasn’t changed and the buyer activity in the Scottish real-estate industry continues to remain quite high. The primary reason for this is that Scottish people like to buy and sell properties locally and that too very frequently. Since the Brexit hasn’t had any effect on the lives of the Scottish people for now, they are willing to buy and sell properties with continued enthusiasm. While it may well change in the future, as of now there is no reason why the buyer activity in Scotland won’t continue to rise in the coming months.
Foreign Investor Interest
So, it is quite evident that the Scottish property has fared better than the UK following the Brexit. There are even suggestions that the foreign investors are taking a keen interest in the Scottish properties too. There are two primary reasons for this. The first one is that the value of the Pound is going down in the wake of the Brexit. This has given the foreign investors a good incentive to invest in properties in the UK and Scotland. The second reason is that the Scottish properties offer a high value of money and a better quality of life to potential buyers. It therefore make sense for foreign investors as well as local investors to invest in the Scottish property market.