In recent months, some prospective property buyers have been making their purchases subject to the outcome of the referendum- these provisons are becoming more common as September 18th draws closer, and with the narrowing outcome margins.
Purchasers of property are now including a clause in their offers to buy property which will allow them to walk away from the purchase, or negotiate the price depending on the outcome of the election. Furthermore, property agents have noticed a slow in the sale of high value homes, and lower value properties also being affected.
Conditional sale is also being mentioned ‘informally’ during negotiation discussions. Those involved in the property sector have raised concerns that all of these practices may be creating uncertainty in the market.
The Scottish property market continues to be very valuable and currently represents 9.2 per cent of all UK property wealth. Furthermore, Scottish property is worth £400 billion, which a dramatic increase over the last three decades from £70 billion. This value is expected to continue to rise.
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