Scottish property market continues gradual recovery

[Nicholas Wallwork]

The last couple of years have been very traumatic for the Scottish economy which had an obvious impact upon the Scottish property market. We have experienced the Scottish independence referendum, which seemed to drag on forever, and then we had the collapse in the oil price which had a massive impact upon areas such as

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[lookinginvest]

It will be interesting to see how the English property market reacts after the EU membership referendum is over. Will we see a similar gradual recovery as we have seen in the Scottish property market?

 

[nmb]

One of the problems not yet discussed is the situation where the Remain camp win the EU membership referendum with a very slim majority. Would this lead to an ongoing neverendum where supporters of the leave campaign regularly demand new referendums in the future? How much uncertainty would this create for UK property investors?

 

[Longterminvestor]

As part of the UK the Scottish real estate sector has many attractions and personally I see issues such as the Scottish independence referendum as an excellent long-term buying opportunity. Will Scotland go independent in the future? That is anybody’s guess but the property market will still be extremely popular with domestic and foreign investors.

 

[nmb]

The problem in Scotland is a heavy dependence on the oil industry which has been decimated of late due to the oil price collapse. While there is a fairly large financial sector in Edinburgh it is debatable how strong the Scottish economy would be outside of the UK. Would the rest of the UK introduce trade tariffs if Scotland left the Union? This would have a significant impact upon Scottish business and ultimately Scottish prosperity and the property market.

 

[Longterminvestor]

Scotland could be an interesting property market in the longer term if as expected the Scottish government holds another referendum on independence. Membership of the European Union would make Scotland a very attractive market for UK property investors and those from overseas. However, the devil will be in the detail and whether indeed Scotland does decide to go it alone and is able to "take the place" of the UK when the EU exit phase is completed.

 

[nmb]

Recent murmurings from the EU suggest that Scotland will not be able to take the place of the UK as and when the UK exits the European Union. However, will the EU side with Scotland in an attempt to give the UK a "bloody nose" or will the likes of Spain, concerned about independence in Catalonia, block Scotland's possible fast-track membership of the EU as an independent nation?