Scotland’s property market continues to buck Brexit gloom

18/09/2019 09:53:50

Scotland continues to buck UK property market trends, with sales north of the border again defying predictions of a Brexit-related slump.

It’s anticipated home sales will fall in the coming months, as buyers and sellers freeze their plans amid political paralysis over Britain’s stymied plans to quit the European Union.

Surveyors and estate agents predict a sharp fall across the UK, with the proportion predicting a drop in sales over the coming three months outnumbering those who expect an increase by a margin of 23%.

However, estate agents in Scotland, and Glasgow and it’s surrounding areas in particular, remain the most optimistic, with a majority forecasting that sales here will continue to rise in line with current trends.

While new instructions from sellers are down slightly north of the border, property values continue to rise, according to the latest survey by the Royal Institution of Chartered Surveyors (RICS).

Craig Smith, Director of Scottish Property Centre Shawlands, said: “For many people we’re approaching the end game of the Brexit stand-off and, with “no deal” still a possibility, it’s natural they’re delaying big spending decisions until it becomes clear what that will mean.

“However, sellers and buyers in Scotland appear more bullish than in the rest of the country and we’re not experiencing the same downturn in activity seen in other parts of the UK.”

He added: “We saw similar trends in the run-up to the last Brexit deadline at the end of March, which proved to be a false alarm and, as a result, April and May brought a significant bounce in business.”

According to the RICS, the slump is most pronounced in London where enquiries from buyers are now flat, having fallen for much of the past two years.

New instructions from sellers have slipped again with steep falls in the Capital, the south west of England, the West Midlands, Scotland and Northern Ireland, though some parts of the country are seeing more activity.

Prices are slipping in London, the south east of England, East Anglia, and now the north east but they are still rising in Scotland, Northern Ireland and Wales.

At the same time rents are on the rise, with demand rising in almost every part of the country even as the number of instructions from new landlords falls across the nation.

For more information on the state of the property market in your area, call your local Scottish Property Centre branch or visit www.scottishpropertycentre.net

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