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BLOG - A Brand New Chapter in Property Post Referendum

Linda Black writes on the effects of the Scottish Referendum on the property market.

Linda Black,

Head of Property Sales Fife, shares her thoughts on the outcome of the Scottish Referendum on the property market.

I’m sure like my colleagues and I, you were on the edge of your seat throughout the tense lead up to last week’s referendum. Approximately 4.29 million people registered to vote. Of the total, a staggering 3,619,915 people turned out to the poll, which translates to a massive 84.5% participation rate. This figure signals a record-high for any UK election since the introduction of universal suffrage back in 1918.

Regardless of the result, the referendum sparked huge debate; the impressively high voter turnout is a true triumph for democracy and is representative of the passion felt by those on both sides. This was a historic moment for us as a nation; and something I for one feel privileged to have been involved in.

Whichever way we voted, the result of the referendum was guaranteed to impact on us in many ways. The outcome affects industries and markets across the country - healthcare, employment, education to name a few.

The property market is already witnessing change in the aftermath of the referendum. During the final run-up it was very evident that the uncertainty of the result was affecting the confidence of home-movers. Potential buyers and sellers put their plans on hold until after the results were in. Branches were quieter and there was a substantial drop in both sales and viewing figures. Some buyers in particular, were reluctant to complete deals before they knew the result of the vote.

With the referendum on the horizon, it was clear that many people were waiting to see what the impact of the result would be before making any large decisions. However, not even one week after the referendum there is already evidence of recovering confidence in the property market. There has been a rise in housing activity: enquiries, sales and viewings figures have all increased.

The activity in our branches following the referendum suggests that buyers and sellers do now want to move on with their plans for where they want to live. A strong property market is an integral part of any country’s economic stability and with activity levels picking back up the post-referendum market looks strong and set for good growth over the next 12 months.

Now that the votes have been counted, I am sure there is one thing that we are all agreed on, and that is that whether we wish to live in the cities, villages, countryside or by the sea, Scotland is a spectacular country to live in. Pagan Osborne has been advising and supporting property buyers and sellers locally in Fife, for over 250 years.  At this historical moment we feel privileged to continue providing that service to our community. It is time for a brand new chapter.”

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