West coast property boom on the cards following Brexit vote

Portree Harbour, Skye. Pic: Neil Hanna

Portree Harbour, Skye. Pic: Neil Hanna

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BRITAIN’S decision to leave the EU will provide an economic boost to the housing market on the west coast of Scotland, experts say.

Oban-based estate agency, Bell Ingram, has reported a significant spike in the number of enquiries from ex-pats and overseas buyers looking to purchase property on the west coast.

The falling value of the British pound against global currencies is thought to be driving the trend as international house buyers seek to take advantage.

READ MORE: Euan McColm: Don’t buy the hard sell for a soft Brexit

Will Banham, of Bell Ingram, said that while foreign-based interest in Scotland’s Highlands and Islands is not unusual, the Brexit vote was clearly having a positive impact on the housing market in these areas.

He said: “There has been a real increase in the number of ex-pats from France, Portugal, the Canaries and Denmark inquiring and coming on house-hunting trips to view properties in coastal Argyll and the Islands.

“Factors driving the trend appear to include perceived value for money and the possibility of Scotland retaining a closer relationship with the EU post-Brexit than the balance of the UK.”

READ MORE: Scott Macnab: Scottish slump not down to Brexit

Compared with the country as a whole, which has seen property values rise by 4.3 per cent to an average of £144,561 since this time last year, the average house price in Argyll and Bute has fallen by 1.5 per cent to £132,599.

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