Scotland's housing market's performance has been dominated by ‘events’ over the past 15 years or so, beginning with the collapse of Northern Rock at the end of 2007, which signalled the end of the mortgage credit boom across the UK.
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.