Whilst many areas of the UK property market flatten, Scotland’s market is flourishing with transactions reaching an 11-year high.
Despite the impending Brexit deadline of 31 October, research, conducted by Aberdein Considine’s quarterly property monitor, found that the opening half of 2019 has been the most buoyant property period since 2008.
The 25,806 sales completed during the opening quarter of the year represented a 4% increase on the same period in 2018.
In contrast, quarterly conveyancing transactions in the whole of the UK fell by 10% since the start of 2019, according to data from Search Acumen.
The 228,994 conveyancing cases dropped below 230,000 for the first time since the EU referendum result in 2016.
The recent statistics for the UK also indicate that transaction volumes are 20% lower than the 286,485 conveyancing cases completed prior to the Brexit outcome.
Jacqueline Law, managing partner at Aberdein Considine, said:
“Buyers are taking a long-term view on the market.
“Buying a house is not something people do with tomorrow or next year in mind.
“It’s a considered decision which most purchasers take with a medium- to long-term view and these figures suggest people are looking beyond the current political and economic headwinds with a degree of confidence.
“Regardless of what kind of deal, if any, the UK leaves the EU with on 31 October, many Scots are pressing ahead with purchase decisions in order to provide short- to medium- term security.”
Andy Somerville, Director of Search Acumen, said:
“Our latest assessment of conveyancing activity has found that Brexit has truly begun to bite for the sector, even before it has truly arrived.
“After three years of increasing uncertainty, we’re finally seeing the result of the “wait and see” approach that many homeowners and prospective buyers in England and Wales are taking while Westminster continues to wrangle over the nature of our exit from Europe.
“This Brexit-fuelled market stasis is exacerbating the consolidation trend that has been underway over the last few years.
“Smaller conveyancing firms who were already struggling to compete are now facing tougher conditions, while those who have been able to gain a larger foothold are now taking a bigger slice of activity than ever before.”
Do you think conveyancing cases will improve once a definitive deadline is reached in October?
