Monday, September 15, 2014

Zoopla predicts repeat of 2008 17.5% crash if Scots go solo

Scottish Independence "Could cause house price crash"

Scottish independence could lead to another UK housing market crash that wipes £31,000 off the average house price in Scotland, causing as big a crash as the 17.5% fall seen during 2008, leading property website Zoopla has warned. Having mortgages issued in a foreign country, potentially in a foreign currency, with huge currency risks, could combine with reduced competition and higher costs combined with the lack of Bank of England lender of last resort facilities to create a perfect storm. Clearly, a housing and construction slowdown could cause havoc with tax receipts, damaging Salmond's ability to fund his promises.

Posted by libertas @ 10:23 PM (3618 views)
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3 thoughts on “Zoopla predicts repeat of 2008 17.5% crash if Scots go solo

  • So if you want to buy a house at a realistic price vote Yes.

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  • On the contrary, Scottish house prices falling will be a result of a complete absence of lending, foreign currency risk to present mortgages, people fleeing and jobs disappearing. Prices will fall, housing will become less affordable, unless if you are a foreign investor. No good to the Scots.

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