Brexit 'will create uncertainty' in the West Fife property market

That’s the view of Michael Maloco, senior partner at Dunfermline solicitors and estate agents Maloco + associates, who said prices would rise and confidence would be restored if we decided to remain.

He said another vote, where the UK as a whole votes to leave and Scotland again opts to stay in the EU, would move a second independence referendum up the agenda and “be a brake” on the property market in Dunfermline and West Fife.

Mr Maloco said: “We’ve been asked on an increasing number of occasions recently what our views are on Brexit in terms of its impact on the local property market.

“To be honest, we’ve had the sense for a while now of Brexit being the elephant in the room.

“In the short term at least, Brexit will create uncertainty. Markets, be they property or financial, don’t like uncertainty.

“The harder the Brexit, the greater will be that uncertainty and consequently the greater the influence upon the market.”

And Mr Maloco said a people’s vote about our decision to leave the EU, with the possibility of a u-turn, could have major implications for buying and selling houses.

He explained: “Well, if there were to be a people’s vote and if it were for a second time to show a majority still in favour of exiting the EU, then given that this time around it would be based upon a more informed judgement there would, we think, be greater acceptance of the result in the UK as a whole. In our opinion, in such a scenario, the contraction of the property market would be less dramatic than the levels that were predicted by the Bank of England’s recent worst-case-scenario projections.”

However, he said there was a wholly Scottish dimension and pointed out that a second vote could see the UK as a whole vote to leave the EU and Scotland again vote to remain.

This, the firm says, would move Indyref 2 back to the top of the political agenda.

Mr Maloco said: “We think that a second independence referendum would herald a further period of constitutional and economic uncertainty and be a further challenge to, and be a brake upon, the local property market.

“On the other hand, if a people’s vote were to be held and the outcome across the UK was in favour of remaining, then the effects of the long period of uncertainty would almost immediately be eradicated.

“The wariness in Europe and the world’s money markets would quickly dissipate and confidence would return to buyers and sellers. With the fog of uncertainty lifted, activity in the property market would pick up.

"This in turn would see movement up and down the property ladder. Prices would start to rise as those that had adopted a wait-and-see attitude would find themselves now having to compete with others of similar outlook also returning to the market. We don’t think prices would soar as some have predicted and that, in our opinion, is a good thing.”