A major UK city which previously appeared to have avoided Brexit-induced problems is now showing signs of being affected by political uncertainty.
After a relatively upbeat snapshot of Edinburgh’s Prime housing market performance in the final quarter of this year, research spokesman Oliver Knight says: “In the main, the data suggests that Edinburgh has been less affected by the political uncertainty impacting other prime markets in the UK.
“No market likes uncertainty though and, in recent months, as the planned date for the UK’s withdrawal from the European Union nears activity in prime markets has started to moderate which could weigh on transaction volumes in early 2019.”
The agency says annual prime price growth in Edinburgh has been a strong 10.6 per cent in 2018, its highest level in more than a decade.
Sales volumes above £1m in the city are currently 12 per cent higher than at the same point in 2017, and properties are selling faster too - the average time taken between a property first coming onto the market and it reaching a sold status is 12.5 per cent less than in 2016.
Knight Frank says properties valued above £2m recorded the strongest price growth in the fourth quarter, with values up 3.5 per cent between October and December.