How the UK General Election will impact the property market in Edinburgh may become clear as Party Manifestos become more defined. Although the UK General Election is not going to directly affect the Edinburgh property market as housing is a devolved matter (and thus it is the Scottish Government that sets the regulations on housing), the Election will have an impact on the UK Economy as a whole, decisions surrounding Brexit and whether IndyRef2 is more or less likely.
There is still not enough supply to satisfy the growing demand for properties in and around Edinburgh. Reports show that the struggle to get on the housing ladder is going to get even worse over the coming years, so for first-time buyers it is tough.
One property firm has said house prices in Edinburgh are set to soar by 23.4 per cent between now and 2021 (almost double the UK average and 4% ahead of London). The problem however lies in that household incomes are not expected to rise anywhere near the same level.
The property market could be put on pause this summer as potential home buyers sit it out to await the outcome of the general election. However, Edinburgh is an attractive location for businesses and workers, with excellent transport connectivity and a good quality of life, so it stands that properties in this area will continue to be in high demand. The uncertainty of the political situation over the next 4 years will impact on the economy as a whole and over time we will see what effect this has on the property market in Edinburgh.