PostBREXIT State of the Market – Comment for Scotland’s Homes

Posted: 2nd December 2016

Scotland’s Homes has recently asked Nicol Estate Agents Director – Douglas Nicol, to comment on the state of the property market following this year’s historic BREXIT vote.

Here are Douglas’ remarks:

How has BREXIT impacted on sales up to £500,000 and above the £500,000 mark?

It has been another interesting time in the property market. Buyers are still viewing and sales are being agreed. Confidence is certainly returning to the housing market after the initial shock of the Brexit vote and there are signs that prices and sales will rise in the coming months. The change in LBTT continues to affect transaction numbers at the upper end of the market, £500,000 and above, although there are buyers out here searching for their dream home. Overall our sales and new listings are up on the same period in 2015. UK interest rates are at a record low of 0.25%, following the Bank of England’s decision to cut the base rate. In many areas, particularly East Renfrewshire, we have seen a shortage of property with demand outstripping supply, resulting in more closing dates and premium prices been achieved, and in some cases, the highest prices achieved in many years.

If and when Article 50 is triggered, what is your forecast for the Scottish property market?

While we recognise there will be a period of uncertainty and change, we are likely to a see small reduction in the number of sales in the short term. Going forward we believe the market will continue the upward trend. Until we know what type of exit the UK will make from the single market, it is difficult to evaluate the outcome. Once Article 50 is triggered there will be two years when the UK is still formally part of the EU. At Nicol Estate Agents we will continue to review our market on a week by week basis and we remain cautiously optimistic.

What increase/decrease in volume of property have you seen since the outcome of the BREXIT vote?

Overall our sales are up 26% following the Brexit vote over the last 4 months compared to the same period in 2015. The property market will always be filled with ‘ifs and buts’ and that is why it is very important to seek an experienced opinion if you are considering selling. At Nicol Estate Agents, our team have over 80 years’ combined experience, we believe that our people and our experience sells homes and that our personal approach achieves results and are always happy to discuss your property requirements.

Read the full feature in this week’s Scotland’s Homes!

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