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Scotland has seen renewed activity in the residential real estate market in the weeks after the historic referendum vote. Agents across the country have reported an upsurge in sales, many of which they believe had been delayed due to the upcoming vote. Indeed some buyers had asked for a clause that allowed them to get out if the vote had been a Yes. Momentum has accelerated significantly according to estate agency Strutt & Parker which reports that early indications suggest that the property markets will make up for lost time after an understandably quiet few weeks in the build-up to the vote. It has three offers made on the first working day following the referendum and across Scotland Strutt & Parker has launched 14 properties since then and is preparing another 15 for sale. The agency has organised more than 100 fresh viewings in the last week, received 11 offers and held several successful closing dates for best and final offers. This is set against very subdued activity in the month leading up to the referendum. ‘There has been a demonstrable rise in activity levels. After a lull prior to the referendum, the telephones are ringing again with inquiries from both potential vendors and purchasers,’ said Andrew Rettie, partner in charge of the firm’s estate agency in Scotland. He pointed out that the autumn market is traditionally strong but it has this year been delayed by at least a month. ‘However, the referendum is now behind us and the uncertainty surrounding it is consigned to the past. We know that Westminster is committing to plans for Devo Max and we hope these will be clarified as soon as possible,’ said Rettie. ‘Most of the buyers and sellers I have spoken to are relieved that the referendum is out of the way and that they can get on with their business life, and make the decisions they may have delayed in recent months. It is early days but evidence from the past week suggests the market will kick off from this point and that we will see a renewed vigour in the autumn,’ he added. Strutt & Parker was instructed to sell a sporting and agricultural estate early on the Friday morning after the vote which is now being prepared for the market. It also held a successful closing date for a farming and residential estate in Argyll on the Tuesday after and launched a Borders estate a week after. Other estate agents report selling 50 properties in the week after the vote. Continue reading →
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