Monday, September 15, 2014
Zoopla predicts repeat of 2008 17.5% crash if Scots go solo
Scottish independence could lead to another UK housing market crash that wipes Ã‚Â£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.