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Scotland’s Property Market after Brexit

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Ask five property experts what’s the best time of year for the property market and you’ll get five different answers. Some say the first two weeks in May, some say April  – or June. Some say ‘anytime in spring’. 

We officially left Europe on 31 January 2020 and we are now in a transition period, until the end of 2020. So is this a good time to buy or sell property? The uncertainty caused by Brexit has caused property market jitters over the past few years – but now that we’ve left the EU, will house prices be more stable? 

Of course we can’t know the real impact of Brexit on the UK economy and property prices until the terms of Brexit have been settled, but a survey of more than 2,000 people by property firm Good Move found that three-quarters of Brits have overestimated the impact Brexit has had on house prices so far. 

According to Jamie Fraser-Davidson, business analyst at Edinburgh property firm ESPC, despite two arguably major events – a General Election and Brexit –  the market in Edinburgh, the Lothians, Fife and the Borders has remained relatively stable in recent months. That said, there’s been a consistent drop in the number of homes coming to market year-on-year for many months, resulting in a lack of supply of homes to the market. 

Jamie goes on to say, 

“Now that the UK has entered the Brexit transition period, expected clarity on the nature of the future trade and political relationships could see renewed confidence among homeowners, leading to a rise in both demand and stock levels. However, we may see further uncertainty throughout 2020 until these agreements are formalised.”

Property market data – key points

  • From November 2019 to January 2020, the average property selling price in Edinburgh, the Lothians, Fife and the Borders saw a 2.1% increase compared to the same period in 2018.
  • Between November last year and January 2020, sales volume in these areas fell by 5%
  • Between November 2019 and January 2020, the median time for a property to go under offer was 23 days, one day faster than last year
  • The average percentage of Home Report valuation achieved was 102.4% compared to 102.8% last year.

As always, the property market is difficult to predict, but recent events haven’t made that any easier. It’s a case of wait and see.

References: 

ESPC

Scottish Legal News

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