This month has seen house buyers make offers for property purchases conditional on the outcome of the referendum, with these offers becoming more common as the day draws closer.
Those seeking to buy property dependent on referendum outcome, have included a clause in their offers allowing them to walk away from the purchase in the event of a certain referendum outcome.
Property professionals and experts have also noticed that the sale of high value homes has significantly slowed in recent months, and that lower end properties have also been affected. Agents have commented that typical conditions in an offer to purchase will state ‘in the event of a yes vote on 18 September the purchasers can resile from the bargain’, – this essentially means the purchaser can walk away from the offer, if they do not like the outcome of the referendum.
There have also been offers made conditional on a ‘no’ vote. The conditions are also being mentioned informally during the purchase negotiation process, and industry professionals are concerned that it may be creating market uncertainty.
Homes in Scotland represent 9.2 per cent of UK property wealth and are worth £400 billion; an increase of £330 billion in the last 30 years.
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