Property prices are rising despite fears over Brexit
THE value of Scotland’s property market is still rising and is likely to top £18billion for the second year in a row, according to solicitor Aberdein Considine. Thirdquarter sales were over £5billion, a rise of more than £200million over the same period last year. These figures come despite the fact that many Scots are anxious about the value of their homes as uncertainty over our relationship with the European Union continues. According to the research, half of all Scots questioned fear that the value of their property will decrease when or if we leave the EU. Edinburgh is still the largest property market in Scotland, with a four per cent increase in sales up to £860million, while the Glasgow market registered the highest number of sales at more than 3000. The market in the north-east continued to improve, with sales in Aberdeenshire up over four per cent, and the overall value of property sold in Aberdeen and the Shire hitting almost £1.2billion for the year. Analysis of the new build market showed that the current average new build price is now at its highest level since the financial crisis at £231,686.
Jacqueline Law, managing partner at Aberdein Considine, reckons that the EU impact on prices will continue into the new year.
She said: “There has, over the third quarter of the year, been a sharp increase in the number of Scots who fear that Brexit will result in the value of their home decreasing. This is perhaps unsurprising given the Prime Minister’s no deal-brinkmanship throughout the month of October, combined with warnings from the Bank of England Governor on the damage no-deal would do, particularly to the housing market”.