Property specialist Rettie & Co is predicting a positive 2018 for the residential property sector in Scotland on the back of a marked improvement in the housing sector in from mid-2017, when house sales ticked up in the £325,000 and over bracket and there was increased mortgage lending to first time buyers and home movers. This was at a time when the wider UK market slowed.
For 2018, Rettie & Co is forecasting house price growth for Scotland of 2.5 per cent.
Andrew Meehan, Senior Researcher at Rettie & Co, said: “We’re sensing that New Year optimism is relatively high following a mixed year in 2017. After a slow start, Q2 of 2017 was strong and it was noteworthy to see the return of the mid to prime market in latter part of the year, which some have said relates to an adaptation to LBTT after a 2-year bedding-in period. Time will tell whether this is a lasting change in the market or a reaction to pent-up demand from 2 years of suppressed activity.”
John Boyle, Director of Research and Strategy at Rettie and Co, said: “With economic growth forecasts for 2018 seeing downgrades and Brexit uncertainty still looming, sentiment remains subdued. However, housing demand remains strong against supply, economic fundamentals remain positive, and this points to further modest growth over the next twelve months.”