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Only 3% of homeowners think their house value will increase post-Brexit

A recent survey of more than 1,000 individuals revealed that half of Scottish homeowners expect the value of their house to fall after Brexit, while only three per cent believed their house value would rise.

Following the government announcement in December that tax would rise from three to four per cent, the majority of respondents (52 per cent) felt that the Additional Dwelling Tax would discourage them from buying an additional property in Scotland. This figure has increased seven per cent since the last quarter (45 per cent) and is expected to be a strong indication of the public’s diminishing confidence in a positive Brexit outcome.

The research conducted by Aberdein Considine's Property Monitor shows that the Scottish housing market once again proved its resilience on the face of both domestic and international issues, with sales breaching an £18 billion figure in 2018; a rise of £400 million on the previous year and the best spell of growth since the financial crash in 2008.

Average prices, sale volumes and overall market values all rose in the last three months of 2018.

Edinburgh continues to be the most expensive area in Scotland for the third consecutive quarter, with average prices rising 9.3 per cent to £272,989 compared with a 3.3 per cent rise to £174,290 for the whole of Scotland.

Managing partner of Aberdein Considine, Jacqueline Law, concluded:

“These figures demonstrate that the market has to a large degree recovered from the difficult days of the financial crash but we cannot ignore the uncertainty which Brexit presents.

“Homeowners and businesses could definitely benefit from a clearer understanding about what the months and years ahead have in store, and hopefully the next few weeks will bring some much needed clarity.”

Contact our Property Law Solicitors Glasgow, Scotland

If you are considering buying or selling your home in Glasgow, Edinburgh or the surrounding areas, you need expert legal advice and representation from a qualified conveyancing lawyer. Do not delay and speak with a member of our team today via the online enquiry form

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