Scotland is enjoying its best housing market in over a decade despite political uncertainty, led by economic growth in Edinburgh and Glasgow
Scotland’s residential market has remained resilient in the face of political uncertainty. A 3% rise in transactions pushed the annual number to just under 103,000 during the 12 months ending June 2019, which was the highest since 2008. The market above £1 million was the busiest since 2008. Meanwhile, year-on-year growth in prime Scottish values during Q2 2019 was 2.0%, compared with a drop of 0.4% across the rest of the UK.
Looking ahead, a rise in registered buyers this year gives reasons for some optimism. But heightened uncertainty over the outcome of Brexit suggests the UK market will remain price sensitive. In Scotland, the key fundamentals of quality of life, good schools and economic growth in the hubs of Edinburgh and Glasgow will drive local markets. But political uncertainty is beginning to be felt in some quarters. Selling times across Scotland’s cities are slightly higher than last year and mainstream house price growth has slowed over the course of 2019. We therefore expect a more considered market for the remainder of 2019. Pricing remains key and sellers will have to be pragmatic in order to align their price expectations with buyers.
Read the articles within Spotlight: Scotland Residential below.