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Has Scottish Property Fared Better Than the UK Following Brexit?

Brexit is the most talked about event of this year.

The decision taken by the people of the UK to exit the European Union came as a big shock to many people all over the world. It was certainly something that the real estate industry of the country wasn’t really ready for. It came as a surprise to them and consequently produced a big impact on the property market. The reason for this was the uncertainty that this decision created. Property sellers and buyers both became unsure whether dealing in the real estate market was in their best interest or not.

While the UK people voted for the Brexit, the Scottish did not concur with this decision and decided to remain in the European Union. Did the decision of the Scottish to boycott Brexit help their property market too?

Effects of Brexit on Scottish Property

While Scotland is part of Britain, it is autonomous in its policy decisions. This is why the Scottish decided to remain in the EU as opposed to the UK. This decision of theirs meant that the property market in Scotland was not hit as hard by Brexit as in the UK. There were some effects of Brexit on the Scottish property nonetheless. The following are some of the changes that have occurred in the Scottish real estate market post Brexit.

 

Boost in Property Sales

Following the Brexit vote, there has been little to no change in the Scottish property market. However, that being said, a slight boost in the sale of properties and houses has been seen. It is early days at the moment and this might not last that long but for now property sales have begun to go up in Scotland. One reason for that might be the fact that the interest rate has gone down a lot and the currency is at its lowest in years too. This is why the Scottish people are beginning to show interest in buying properties.

 

Fall in Property Prices

One impact of Brexit that remained the same for both the UK and Scotland real estate markets was the sudden fall in property prices immediately after the referendum results were announced. The main reason for this cited by property experts was uncertainty. People became unsure of what the results would mean in the long run and thought that it would cause a severe blow to the economy. While the uncertainties remain for the UK market, much of them have cleared away for the Scottish property sector. Therefore, the property prices are expected to become stable or even go up in the near future in Scotland. Visit Harwood Quick Sell to sell your home at a good price in these times of uncertainty.

 

Stability in Asking Prices of Properties

Even though the prices of properties generally went down in Scotland post Brexit, the asking price of properties hasn’t gone down that much. Property sellers have been able to demand the same asking price for properties from buyers and the sales that have materialized till now have been made at that exact price. This means that the drop in property prices isn’t affecting the sellers or the buyers that much and business is going as usual in Scotland for now. 

 

Development of a Seller’s Market

One of the major effects of the Brexit on the Scottish property market has been the development of a seller’s market. The decision made by the UK people to exit the EU has hit their property market the hardest. This has created a positive change for the Scottish property market where people have now become interested in property sales. The Scottish real estate industry is currently going through a nice change and is showing signs of growth. The seller’s market situation would further increase property sales in the coming months as people would find it easier to sell their properties to prospective buyers.

 

What Does the Future Hold for Scottish Property Market?

So, it is quite clear that Scottish property market has fared quite a bit better than the UK following the Brexit vote. The reason for this has primarily been their non-reliance on the UK economy. While the UK property market recovers from the post Brexit shock, the Scottish property market will continue to reap the benefits and grow steadily. However, how long will this continue depends on what happens to the UK property market in the coming months. If the UK real estate industry does not recover significantly then the Scottish property market will continue to grow rapidly. On the flip side, if the UK property market stabilizes then Scottish real estate industry will come back down to stability in a few months time. 

 

 

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