Rush to sell property after No vote confirmation

Scottish independence: Estate agents’ websites have been flooded with a glut of properties from house sellers who have waited until confirmation of a No vote before deciding to sell their home.

Estate agents have been inundated with properties from people waiting for a No vote before selling. Picture: Ian Georgeson

Hundreds of new homes for sale appeared on property websites this morning as would-be sellers gave the nod for their home to be put on the market.

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Estate agents and property solicitors across Scotland yesterday welcomed the stability that a continued union with the United Kingdom would bring.

Andrew Rettie, head of agency for Strutt & Parker in Scotland, said: “We believe today’s No vote will inject confidence, optimism and stability into the market and that we will see a renewed vigour in the latter months of 2014. We all hope this will be a shot in the arm for the Scottish housing market and that the momentum seen earlier in the year returns to the sector. Buyers and sellers who have stalled in recent months while waiting to see how the referendum plays out can now move forward with relative certainty about what lies ahead.

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Robert Carroll, managing director of Mov8, said four sellers had contacted the agency within the first two hours of the working day yesterday to say they wanted to sell, now Scotland’s future had been decided.

“We have already spoken to four potential sellers today who specifically said to us that they had been waiting for the result of the Referendum before they made a decision to put their properties on the market,” he said. “Of those people, three have said that they would not have sold had there been a ‘Yes’ vote.”

He added: “I would anticipate that there will be a bit of a spike in the number of property sellers and buyers coming forward immediately after the result of the vote and that, in a couple of months, numbers once again return to normal.”

Property experts said that prime property values north of the border wwere set to rise by three per cent by the end of the year - and up to six per cent next year. Many had feared that a Yes vote could force property prices lower, with some claiming a repeat of the recession property crash.

Ran Morgan, head of Knight Frank Scotland, said: “The certainty provided by a ‘No’ vote will allow the property market to return to more normal trading conditions. The fundamentals are in place to ensure a full recovery, led by the key cities of Edinburgh, Aberdeen, Glasgow and rural counties within commuting distance of large employment hubs. Improving economic activity levels in the UK, better consumer sentiment and higher bank lending will all help to kick-start the market.”

He added: “We expect we will be very busy in the coming months as vendors and buyers, many of whom have put off making a decision to buy or sell a property in Scotland due to the referendum, return to the market.”

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