While most estate agents are breathing a sigh of relief at the Scottish referendum No vote, some say more clarity is needed over what happens next and how it will impact the market.
Mark Hayward, managing director of the National Association of Estate Agents says the decision is positive but "does not necessarily guarantee clarity for the market" while Alastair Hart of Hunters says "after a year of good growth and good sales we were concerned that a yes vote would have brought this to a halt."
But Strutt & Parker says the Westminster government must provide details on the tax-raising and legislative powers which will be devolved in the near future, so vendors and purchasers can plan accordingly.
Strutt's senior partner, Andy Martin, says: I expect today's vote to give a boost to the Scottish property market, although we do need certainty from Westminster on further devolution in order to confidently resume normality. However, it is a stepping stone; we can now return to work and continue furthering our economic recovery together.
Smiths Gore, an agency which sells substantial numbers of estates and farms, says land reform may become another political hot potato until there is clarity over future devolution.
Knight Frank's Ran Morgan says that the decisiveness of the majority (55 per cent to 45 per cent) means a rush of business is likely as buyers and sellers deterred ahead of the vote will now return to the market.
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. We expect to see an increase in the number of transactions at all levels" he says.
Savills has even put a figure on its expectations for market growth in Scotland. Its spokesman Charles Dudgeon says: We expect Scottish prime residential market values to grow by 23 per cent in the five years to end 2018, in line with the rest of the UK, and for mainstream values to grow by 19 per cent in the same period."
Several firms which operate across both England and Scotland - LSL Property Services, for example, with Your Move outlets in both countries - would have faced corporate disruption had there been a Yes vote. Likewise Century 21, the franchise operation with many offices across England but with its UK headquarters in Scotland, may have had to restructure some of its activities.
Some agencies such as Savills, with branches and staff on both sides of the border, had key staff at their desks by 6.30 this morning in case the result had been Yes and the companies had to begin work on restructuring strategies.
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Comments
I have similar thoughts to Ran Morgan in that I am grateful for the No vote. Now the previous hesitant attitude from both buyers and sellers should subside!
CENTURY 21 UK is delighted with the news; it's business as usual for our
offices across the UK, both north and south of the border, and we hope for
positive changes ahead in the Scottish housing market.
Seems sensible. Have to say, although I agreed with many facets of the Yes campaign, I'm secretly quite relieved that they went for a No. The market could have plunged into chaos if Scotland had gone independent.