Scotland Residential
Spotlight - Spring 2019 SPOTLIGHT Savills Research Scotland Residential Edinburgh’s economic growth The million pound market New build opportunities Overview Edinburgh made up 37% of Scottish transactions above £400,000 in 2018 Scotland’s residential market remains unfazed by the political uncertainty currently affecting the rest of the country. The number of transactions increased by 2% at the end of last year, supported by a record- breaking prime market. Meanwhile, the official UK House Price Index for Scotland has seen positive annual growth for the last 33 consecutive months. However, what happens next is less clear cut. Our forecasts assume that if Article 50 is extended, it is for a relatively short period and that, ultimately, we avoid Edinburgh’s still a no-deal Brexit. That would give households greater going strong confidence over their future finances, which in turn should A more stable and considered market is expected this year underpin buyer sentiment to support an improvement in Edinburgh remains the jewel of Scotland’s housing Economic growth has increased more over the house price growth in 2020. market, making up 37% of prime and 61% of million last five years than most UK cities, with a higher We cannot rule out a delay in pound transactions in 2018. Transactions above percentage of the working-age population in this should negotiations to £400,000 reached 1,931 during 2018, an increase employment. Edinburgh also has a large proportion leave the EU become more of 12% compared to 2017, as more stock became of workers in high-skilled occupations, such as the drawn out.
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