The prospects of the real estate market of Scotland after independence referendum

Now, when the historic referendum on separation of Scotland and the Scots behind a majority of the votes voted against the separation, the real estate market of Scotland is likely to be filled with optimism and could see price growth for residential property.

On the other hand, the market will increase not only the number of buyers and number of sellers – those market participants who held their property , without risking to enter into a transaction in a period of uncertainty before the referendum, which may exert a downward pressure on prices.

Stagnation before the referendum on the market for the sale of houses and apartments is rather painful impact on real estate agencies Scotland. Now that Scotland has remained part of the United Kingdom, for real estate agencies is an opportune period. Staff from all agencies expect a significant increase in activity of both buyers and sellers .

If the outcome of the referendum was the opposite, uncertainty, and risk in the property market would only be added.

Now it is clear that the market of Scotland there are only those risks that are of the UK property market is a hike in interest rates by the Bank of England and the possible increase in stamp duty on expensive properties.

According to forecasts Director of the Scottish branch of the largest Agency of elite real estate Knight Frank Scotland, the Outlook on the real estate market of Scotland – the price increase by 3% until the end of 2014, and in 2015, growth is projected in the range of 3% -6% . In other sectors of the real estate market is also expected a positive trend, but analysts still difficult to forecast specific figures.

London promises to grant Scotland additional powers , particularly in land, property and construction sectors. Westminster must quickly decide on the package the law governing these areas , terms, and ways to implement them. Certainty and clarity in these areas is also important for improving the investment climate in Scotland and healthy activity in the real estate market.

® Maxim Savitsky. 22.09.2014 G.

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