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Independence could see Scottish property prices drop 20%

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Independence could see Scottish property prices drop 20%

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

Independence could see Scottish property prices drop 20% Independence could see Scottish property prices drop 20%

Scottish independence could have a massive impact on the country's property prices, an online estate agent has said.

House prices in Scotland have soared in recent months but eMoov.co.uk claims that prices could suddenly drop by up to 20% if the 'yes vote' is confirmed.

Though seeing a fifth wiped off of house prices sounds like a great idea to most of us, eMoov.co.uk's CEO, Russell Quirk, is morbid about the possibility.

He lamented: “General economic uncertainty as a consequence of Scotland going it alone and discord over their currency position when they ditch the pound will hardly make for a robust dynamic.

"In precarious times, one of the first things to suffer will be jobs. Unemployment means home repossessions and a downward pressure on home values as a consequence. The result for house prices north of the border is potentially catastrophic.”

In the same tone, Quirke went on: “The average house price in Scotland is £160,000. A 20% drop in values (which we could easily see) would mean a £32,000 loss on the typical house price.

"Given that the Scottish market has not yet returned to its peak levels of 2007, we could see mass negative equity and severe hardship for many.”

And eMoov.co.uk warns that the horror doesn't end there.

The estate agent claims that independence would also have a "profound effect" on property values across northern England - because of a "likely" toll road commuters who work in Scotland would face on a daily basis.

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