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Property - Yes/No


Capital-ICT87

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I've been a No from the start but I'm now not as sure as I once was. I'm 27, hoping to get on the property ladder in the next 2 to 3 years. Obviously Edinburgh is already expensive to live in and I'm fearful that if Scotland was independence then property prices/rents would go through the roof. Would mortgage rates go up? Rents go up?

Don't see much on this in the press....

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I've been a No from the start but I'm now not as sure as I once was. I'm 27, hoping to get on the property ladder in the next 2 to 3 years. Obviously Edinburgh is already expensive to live in and I'm fearful that if Scotland was independence then property prices/rents would go through the roof. Would mortgage rates go up? Rents go up?

Don't see much on this in the press....

I wouldn't worry. When all the No voters pack up and go to England, you'll be able to pick whatever house you like.

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I've been a No from the start but I'm now not as sure as I once was. I'm 27, hoping to get on the property ladder in the next 2 to 3 years. Obviously Edinburgh is already expensive to live in and I'm fearful that if Scotland was independence then property prices/rents would go through the roof. Would mortgage rates go up? Rents go up?

Don't see much on this in the press....

If you are in Edinburgh then property prices are set to rise a fair bit if its a NO, if its a YES, I would expect in the short term for them to not increase as much due to not knowing what exactly is going to happen in the short term, after treaties etc are (maybe) sorted then I could see them rising but it will be tricky to predict until everything is signed, sealed and delivered. If you're in a position to buy now, in the event of a NO vote, I'd do it sooner rather than later as they'll rise pretty soon after its settled.

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I wouldn't worry. When all the No voters pack up and go to England, you'll be able to pick whatever house you like.

this

Apparently there will be plenty of houses when they go live in wales, and with all those properties prices will fall.

So don't worry :)

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What is making you think that would happen?

House prices have been a total disaster under successive Westminster governments.

My house has quadrupled in value in 20 years.

So that's great for me - my pension is sorted.

What about my kids though? How are they going to afford a house?

Independence simply cannot possibly make this worse.

This is an extremely hopeful way of looking at it, we've opened the pandora's box of home ownership and unless there is some state driven push to actually lower the value of property then we're stuck with the system that we have. No party is going to touch the property market because its a vote loser so we need to look at our national obsession of home ownership, we can look to have longer mortgages as a normal thing, a fifty year mortgage which you start paying and then you can either pass it on to your kids or sell and take your profit out. I'm not arguing for this, but as I said, things aren't going to change because those that have managed to get on the ladder, especially a house that fits all their needs will be up in arms about any 'tweaking' with property values, the only sure way round it is to build more houses but even then you'll get 'hotspots' where demand will outstrip supply and prices will increase dragging up those in surrounding areas etc.

I've got a daughter who still needs to get her own place and short of family chipping in to help she's going to be stuffed as well so I'm not trying to be heartless here, just as I see it, realistic.

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I've been a No from the start but I'm now not as sure as I once was. I'm 27, hoping to get on the property ladder in the next 2 to 3 years. Obviously Edinburgh is already expensive to live in and I'm fearful that if Scotland was independence then property prices/rents would go through the roof. Would mortgage rates go up? Rents go up?

Don't see much on this in the press....

It is looking likely that the Bank of England base rate will increase in the near future. Also, most banks and building societies have made use out of the UK's funding for lending scheme meaning they have borrowed huge amounts of money from the government at low rates. This is due to finish in 2015 so again will result in mortgage rates increasing anyway.

Should there be a currency union, it will continue to be the bank of England who sets interest rates for Scotland. If not, then there is no way of knowing which country will have the highest rates of interest. My advice would be to get on the property ladder ASAP anyway as interest rates generally tend to increase over time until they become unsustainable. It was only 30 odd years ago that interest rates were at 15%.

Tbh I don't see why interest rates will be different here at all, most if not all companies will continue to trade in England and Scotland and will be competing for business in exactly the same way as at present.

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Guest The Phoenix

In Edinburgh they will, probably in either scenario but if its a NAW then they're set to shoot up.

Evidence?

As VikingTon would say, be specific, very specific. ;)

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Evidence?

As VikingTon would say, be specific, very specific. ;)

Anecdotal, but you can take it or leave it mate, Edinburgh is already a 'hotspot' and the current uncertainly has an effect on a whole range of issues, one of which is house buying. If its a NO then end of uncertainty, if its a YES then once the horse trading is complete, however long that might take then you have certainty again but obviously with a potential new set of 'rules'. Even if Standard Life and some others leave Edinburgh the fact that its a wealthy place people will want to live there which pushes up prices.

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Guest The Phoenix

I absolutely agree that Edinburgh house prices are amongst the most volatile in the UK but I don't agree that Yes or No will make any difference.

You can currently get a four bedroomed detached property in Stirling for less than a two bed semi in Edinburgh and Stirling ain't cheap by any means.

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I absolutely agree that Edinburgh house prices are amongst the most volatile in the UK but I don't agree that Yes or No will make any difference.

You can currently get a four bedroomed detached property in Stirling for less than a two bed semi in Edinburgh and Stirling ain't cheap by any means.

At your age a semi will be the best you can hope for.

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I've been a No from the start but I'm now not as sure as I once was. I'm 27, hoping to get on the property ladder in the next 2 to 3 years. Obviously Edinburgh is already expensive to live in and I'm fearful that if Scotland was independence then property prices/rents would go through the roof. Would mortgage rates go up? Rents go up?

Don't see much on this in the press....

It's very possible as the desirability of living in Scotland will increase. IMO.

Mind you, when all the banks employees move out, there will be loads of property coming onto the market.

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I've been a No from the start but I'm now not as sure as I once was. I'm 27, hoping to get on the property ladder in the next 2 to 3 years. Obviously Edinburgh is already expensive to live in and I'm fearful that if Scotland was independence then property prices/rents would go through the roof. Would mortgage rates go up? Rents go up?

Don't see much on this in the press....

One of the reasons home owners in general are more angsty about indy is that it's likely to lower property values in the short term. If your looking to get on the ladder, it actually works out better for you.

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More council housing is the solution in my opinion.

We have next to no chance of that happening under WM (even with the parliament) - its a big change in policy.

I'm on the ladder (horrendous phrase but hey ho) but I find the system incredibly depressing. My dad refused to buy his council house and so now pays a hefty rent off his pension. I am proud of his principles but it leaves me having to do it for myself (which is the way it should be).

My in-laws will pass on their very nice house which has been long since paid off - and so my family will benefit from the extended housing bubble of the last 25 years. But its just not right. Any poor punter who doesn't have family to rely on is well and truly fucked - and its only going to get worse under the current political situation.

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I absolutely agree that Edinburgh house prices are amongst the most volatile in the UK but I don't agree that Yes or No will make any difference.

You can currently get a four bedroomed detached property in Stirling for less than a two bed semi in Edinburgh and Stirling ain't cheap by any means.

Fair enough, I did point out that it would be the uncertainty of the horse trading in the interim that would put the mockers on things, once everythings sorted then I don't see why it MAY make a difference, we would need to see what would be the position we'd be in after the dust has settled. We don't really know and we can speculate according to our personal preferences/prejudices but thats all it is. I agree that MORE THAN LIKELY in the event of a YES vote that the hotspot of Edinburgh it will always be pricey but that doesn't mean that it would keep pace with south of the border, if house prices plummet in Scotland that will obviously suit some and not others, just as when house prices shoot up now some are rubbing their hands and some have their head in their hands. We'll just have to wait and see what we get.

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If it's a ladder at all then it's a weird ladder where the rungs get further apart as prices increase.

As somebody who's happy with his rung I still think its flawed but we can shake our fists at the sky as much as we want, its not going to change anything, its pretty unrealistic to put an artificial cap on what is most peoples biggest investment, and if also a business for many. We can dilute the market with more properties but people will still want to live in some places more than others so I don't know how you'd get round it and basically fecking around with house prices is a massive vote loser so ain't gong to happen. Best bet is to build more affordable housing but its still not going to get round the issue of where people would prefer to stay.

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