An agent has called for the next Government to take a lesson from the Scottish property market after figures showed that transactions north of the border grew at more than double the rate of volumes in England during March.
The proptech estate agency, Nested, analysed provisional transaction data from the ONS that showed Scotland’s monthly transactions increased by 46% between February and March this year to 8,690 while in England they were up 18% to 86,810.
The monthly growth rate in Scotland was 100% this time last year, compared with 87% in England, and 46% in 2015 against 14% in the south, the ONS figures show.
Looking back over five years of transactions Nested, which guarantees a property sale price and provides vendors with an interest-free loan if they are unable to sell within 90 days, said the Scottish market was persistently ahead and currently 8% higher than sales levels in England, which is attributed to differences in the home-buying process.
Matt Robinson, chief executive of Nested, said: “Our analysis clearly shows that Scotland’s property market has proved to be more stable and reliable than England over the last five years and this trend is set to continue.
“Big events like the EU referendum and Stamp Duty reform have less of an impact on the number of transactions north of the border than they do here.
“Why? Because in Scotland your offer is legally binding once accepted, and this provides the certainty and security that buyers are crying out for.
“In England, however, the repercussions of broken property chains are exacerbated by a slowing housing market. The result is an inefficient market which lags behind Scotland even with all macro factors considered equal.”