You could be forgiven for being confused as to the array of conflicting information coming out of the media, with headlines such as “House prices slip for third consecutive month” and “House prices gain 4.7% in the year to May”. So which is correct? The short answer is both.
It has never been more difficult to work out precisely what is happening with the property market. There is no “one” housing market. The housing market is now very localised and therefore when seeing such headlines you have to drill a little deeper to get the true picture.
Between the snap general election, designed to bring about “strong and stable leadership” which gave us anything but, to Brexit which is and will for some time to come be the biggest uncertainty, the trend in recent months has been a drop off in new sale instructions leading to a lack of properties hitting the Scottish housing market. This can result in more purchasers chasing the same properties which can, in turn, lead to higher sale prices. However, for those properties which do not attract a lot of interest, the converse is true with some properties not achieving their anticipated sale values. The lack of wage growth is also impacting growth in the housing market.
There is also differing future prediction in relation to house prices. On one hand, PwC is projecting a slowdown in the Scottish house price growth between now and 2020, whilst at the same time, there are other predictions that all parts of the UK will see a growth in house prices over the next 12 months.
One thing you can be certain of is that the uncertainty will continue.
Contact our Conveyancing Lawyers
If you have a query regarding the above issue, contact our specialist conveyancing lawyers today. We offer an integrated service that includes estate agency and conveyancing (the legal process of selling and buying a home) under one roof, to give you a seamless, hassle free service from initial valuation to final sale. For more information, please contact us via our online contact form or call us on 0141 413 9489.