Solicitors Property Centres Scotland has recently published some initial thoughts on what impact the Brexit decision might have on the property market in Scotland.
According to SPC Scotland, the Scottish property market is generally very resilient and to date there have apparently been no reports from solicitor estate agents about sales falling through because the buyer has pulled out of the transaction over Brexit fears.
The past 12 months have been a sellers’ market, says SPC Scotland, and this high demand for property is expected to provide stability in the market.
“This is an unprecedented result for the UK, and it will take time before we can see what impact this will have on the housing market,” explained Orlaith Brogan, spokesperson for SPC Scotland. “With the Remain and Leave campaigns offering very different economic projections, we will have to see which one turns out to be closer to reality as plans become clearer over the coming weeks and months.”
"We haven't heard any accounts of buyers pulling out of purchasing a property and in fact some solicitors have actually reported more interest from buyers,” she said. “This could be due to a belief that now is an opportune moment to purchase a property.”
"History has shown that the housing market in Scotland is robust,” she added. “Property values were not as affected by the housing market crash during the global recession as other areas of the UK, so the market will likely stabilise once the effects of leaving the EU are determined."
Contact Us
If you are looking to buy or sell property in Scotland, then contact our expert property lawyers today.