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The Post-Brexit Edinburgh Housing Market

Edinburgh City Housing Market

With the UK voting to leave the European Union, Edinburgh’s housing market has seen a lull that is set to stay for the immediate future. Property experts within the city however have dismissed George Osborne’s claim that property prices will fall as much as 20 per cent. The decision of the referendum has undoubtedly had an affect on consumer confidence, with uncertainties wavering over interest rates and mortgage availability. Furthermore, the level of house building has been hit due to a fall in the share price, which in turn will make the need to meet housing shortages even harder.

Edinburgh Last 3 Months Post-Brexit

Market activity in Edinburgh over the last 3 months [1]

That said it is not all doom and gloom. The cut in interest rates comes as welcome news to those wanting to get on the property ladder. Combined with a lull in rising house prices, now is the time for first time buyers to act swiftly.

Despite the current state of uncertainty, David Alexander of city estate agents D.J. Alexander has acknowledged that in due course the market will stabilise and fully recover. A weaker pound makes buying and investing in Edinburgh an attractive proposition for overseas buyers, thus driving a positive effect on Scotland’s economy. Alexander has also stated that Brexit is not the number one factor to take a negative effect on Edinburgh’s housing market, but instead a second call for independence would be. Before the last independence referendum the property market slowed down hugely and another one would have a bigger and more serious impact.

Paul Hilton, ESPC chief executive, agrees with the attractiveness of buying property in the current economic state, especially for first time buyers. He adds “we haven’t heard any concerns over buyers pulling out of purchasing a property and in fact some solicitors have actually reported more interest from buyers”. Although the amount of houses available to purchase is down by twenty five per cent on last year, the result is a strong sellers’ market.

What’s next then…? According to Hilton, Edinburgh’s property market “will likely stabilise once the effects of leaving the EU are determined”.

 

[1] Image Source: Zoopla

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