Rettie's private sector property research team provides thorough and bespoke analysis, based on reliable and up-to-date information, led by Dr John Boyle, who has over 15 years of experience as a property economist. Our researchers provide the very best market intelligence and work across a broad range of projects locally and nationally.
As East Lothian locals know, the area is well known for having its own unique microclimate. Rain may be settled over the capital, but a short drive east will often reveal blue skies and a warm breeze. This happy distinction is also true of the East Lothian housing market.
A lot can happen in 9 months … It really is just 9 months since Kwasi Kwarteng introduced his mini-budget in September 2022. The resulting money market panic that seeped into the wider economy, including the housing market, is, of course, a matter of great regret for many.
2022 saw the Scottish housing market break the record for £1m+ sales in a year, with 504 transactions passing the landmark price, with Rettie & Co. now involved in the sale of over 1 in 5 transactions in excess of £1m. In fact, in just two years, the Scottish £1m+ market has risen by 80%.
The calm waters of the mortgage market over the last decade or so have got far choppier in recent months. The very low interest rate environment from the mid-2000s now appears to be at an end as inflationary pressures, predominantly arising from the energy crisis, have led to a sharp rise in interest rates, with mortgage rates being correspondingly affected.
2022 was an eventful year by any standards. Russia's invasion of Ukraine triggered a number of significant effects, with rising energy costs fuelling inflation and contributing to an ongoing cost-of-living crisis, while significant political upheaval during the year has led to economic turmoil.
Responding to a perception of an overheated rental sector partly contributing to a cost-of-living crisis, the Scottish Government has attempted to apply a 6 month freeze to the market. This rent freeze, for all private sector and social sector residential rents, will run until the end of March 2023, with the possibility of an extension beyond this date. A ban on evictions is also running alongside the rent freeze.