A Tayside property expert has sounded a “cautious” warning for the market in 2017 as a result of Brexit and “anti-property investor” policies from the Scottish Government.
Lindsay Darroch, head of property at Blackadders, said he is “slightly more negative” than he has been in the last couple of years.
Writing in his property blog, he added: “I think that 2017 will be unchartered territory as the impact of Brexit, be it soft or hard, starts affecting people’s buying power.
“The continued uncertainty of Indy 2, the negative impact of the additional dwelling supplement and Scottish Government policies that in general seem to be anti-home ownership but are certainly anti-property investor, will all have an impact.
“I think that we will continue to see low interest rates and good mortgage deals and I suspect there will be a further contraction in relation to the size of the market, but possibly not as large as some commentators are predicting.”
Mr Darroch said his wish for 2017 would include increased assistance for first-time buyers, a review of the Land and Buildings Transaction Tax bandings and the removal of the additional dwelling supplement.
“In summary, I am predicting a 5% decrease in market activity with a slight increase in house prices averaging around the 2% to 4% mark,” he said.