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There's another Scotsman's (scotlandonsunday) gem.

Home sales hit by G8 violence fear

JEREMY WATSON

jwatson@scotlandonsunday.com

WHETHER it makes poverty history is yet to be seen, but one unexpected outcome of the G8 summit of world leaders at Gleneagles last month was its effect on the Edinburgh housing market.

Estate agents have reported a "huge drop" in homes offered for viewing around the time of three-day meeting and in visits by potential buyers because of fears they would be attacked by anti-capitalist protestors.

But following the end of the summit, house viewings have soared by 50%, prompting a summer resurgence in the capital's property market.

Blair Stewart, head of Edinburgh residential properties at Strutt & Parker, said: "During G8 there was a marked decline in the number of properties being viewed. Many owners admitted they were worried their homes may have been targeted by demonstrators and simply did not accept viewings, whilst viewers also decided it was best to let the summit pass before they continued their house hunting.

"But since G8 ended the number of viewings has increased by 50% as people aim to make up for lost ground."

The rate of house price inflation in Edinburgh fell from more than 20% last summer to around 2.8% now following five successive interest rate rises by the Bank of England.

Stewart believes the increased rate of viewings, a key indicator of the health of the housing market, plus last week's first interest rate cut for two years will provide a major boost.

"These viewings combined with the recent 0.25% cut by the Bank of England means we are looking forward to increased consumer confidence in the months ahead," he said.

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Stewart believes the increased rate of viewings, a key indicator of the health of the housing market, plus last week's first interest rate cut for two years will provide a major boost.

Well he would, wouldn't he....besides a 50% increase on hugh drops of viewings equates to what exactly....besides smoke and mirrors :rolleyes:

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I do find the scotsman constantly talking the edinburgh market up along with the ESPC. The link between what people earn and house prices is never mentioned at all. However it seems more difficult to know what Edinburgh is doing as the ESPC has very limited reporting now on average house prices by type. I can't actually tell if they are reporting Edinburgh and surrounding areas including E Lothian etc so it makes the whole thing almost impossible.

Anyway most people in the office seem to think prices will kick off again come September - due to the same reason in the article better time of year and interrest rate drops?

Time will tell but there are currently still aprrox 5,900 properties for sale and it has been this high) level since the beginning of the year.

Maybe I am the only one who hopes it oesn't go mad again?

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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