11 Jul 2016

Sunday Times predicts 'Brexit Boost' for Aberdeen property

Sunday Times predicts 'Brexit Boost' for Aberdeen property

The property markets in Aberdeen, Peterhead and Fraserburgh have been tipped to be the biggest winners from Britain's decision to leave the EU.

The property markets in Aberdeen, Peterhead and Fraserburgh have been tipped to be the biggest winners from Britain's decision to leave the EU.

The Sunday Times has earmarked six parts of the country it expects to benefit from 'Brexit' - half of which are in the north-east of Scotland.

The newspaper believes that the economic changes which Britain's departure will bring will create both winners and losers in equal measure.

Fishing boom

On Peterhead and Fraserburgh, where average prices have remained static at £138,169 and £153,205 respectively, the publication says: "The two Aberdeenshire ports are at the heart of the UK's fishing industry.

"At the moment, they have quotas for for catching fish in British waters.

"After Brexit, the UK could re-establish a 200-mile exclusion zone for foreign vessels, boosting the national fishing fleet - leading to a boom for the towns and a boost for house prices.

"Peterhead is likely to benefit most, with a £49million harbour improvement hoped to be completed next year."

Oil industry renaissance? 

On Aberdeen, where prices have dropped between 5-10% over the past year, the newspaper adds: "The property market in Scotland's oil capital has been over a barrel thanks to a collapse in oil prices.

"Yet values have been recovering and the falling pound should make UK oil industry more competitive.

"The boom years are unlikely to return, but the property market may well recover recent losses."

It also predicts Devon and Cornwall to benefit from people buying holiday homes in the south of England instead of Europe, Birmingham will grow thanks to less red tape for its manufacturers and Port Talbot will benefit from increased steel production.

Brexit losers

The paper believes parts of the London property market will be hardest hit when the UK exits the union.

Battersea Nine Elms and South Kensington are the areas it believes will face the biggest drop in property prices.

It also forecasts Sunderland, Derby, Boston and Broughton will suffer, mainly due to buy-to-let investment falling away due to reduced demand from European migrants.

Scotland's property experts

If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.

Our leasing and property management team act for more than 2,000 landlords across Scotland.

We are also an independent broker of buy-to-let mortgages and can offer home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here

* Your home may be repossessed if you do not keep up repayments on your mortgage.



Please correct the errors below before submitting your request:

Get in touch

Our dedicated client contact team prefer to receive enquiries through our contact form. We'll endeavour to get back to you within 24 hours or during the course of the next working day.

Source of enquiry