Scottish Property Market Continues to Develop
Whilst it is true that Brexit has promoted a somewhat subdued nature in the property market in some areas of the United Kingdom, particularly in areas such London and Blackpool, the Scottish market continues to grow.
The Scottish property market was forecasted to face a severe hit from the aftermath of Brexit negotiations and the air of uncertainty surrounding how Brexit would affect housing in January as predictions highlighted that house prices would dwindle over the first three months of the year. However, recent figures suggest that so far the effects of Brexit have not been as harsh as first predicted. In East Central Scotland, prices rose by almost 4% in the first months of the year with sales also rising 8% in the last year. In West Lothian, selling prices increased by 16.9% to £227,111 and in the East by 12.3%.
The time it takes to sell a home in Scotland has also decreased according to figures. It is now recorded as taking just a little over a month to sell a home in Scotland, a significant decrease from previous years and almost a whole month less than selling in London or Blackpool.
So, what does this mean for you? Whether it’s buying your first home, up sizing or buying as an investment, their remains tension amongst potential buyers, largely due to Brexit uncertainty. The bleak picture painted in the property market forecast at the year turn has undoubtedly restricted many from investing in buying new property and promote an air of hesitancy amongst sellers. However, as these recent figures suggest, the property market continues to grow in strength and remains as buoyant as ever. In short, this is not a bad time to sell your home or invest in property as scaremongers warn, a steady growth in the market marks the probability for profit and a good time to buy and sell your home.