Trussle: Scottish property market is back up and running

Following the easing of some lockdown restrictions on 29 June, online mortgage broker Trussle has seen a marked increase in activity in the Scottish property market. 

Miles Robinson, head of mortgages at Trussle, said: “It’s encouraging to see the Scottish property market back up and running again.

“The government’s decision to reopen the residential property market on 29 June, and the cutting of Land and Buildings Transaction Tax (LBTT), both support the potential for recovery following the COVID-19 lockdown.

Trussle: Buyer appetite has increased two months after lockdown

“Our data also shows positive signs. From May 2020 to June 2020, we’ve seen a 136% increase in mortgage applications for properties in Scotland.

“Remortgage applications for Scotland properties also rose significantly, increasing 67% from May to June this year.”

Robinson also said that future trends caused by COVID-19 would likely see the picture improve further for the Scottish property market.

He said: “Our research also revealed that Scotland was among the top ten most popular destinations for relocation in the UK.

“There’s been continuing reports of homeowners looking to move out of big cities since lockdown, so it’s no surprise that the market has seen a spike of 71% among London buyers viewing properties in Scotland.”