Scottish market thriving

The Scottish economy and housing market are doing well and even thriving in comparison to London; more investors see Scotland as an option.

The Royal Institution of Chartered Surveyors (RICS) reported on Thursday that the property market in Scotland was growing and doing very well. There is a large gap between property in London and property in Scotland, as the economy here seems stronger.

According to Graeme Hartley who is director of RICS, as reported in the Financial Times, "The economy is holding up well and the Scottish property sector is benefiting as a result." In addition, "People here have always taken a more sensible view on the value of property, and we haven't had the same peaks and troughs."

Property prices in London are falling, according to RICS and there is less confidence in the market. These factors have been threatening the country over the last several months.

Some areas of Scotland doing very well include Highlands, Aberdeen and Glasgow. There, the oil revenues have helped to keep the economy doing well.

Unlike the London market, as well as many other global economies, the global credit crunch and the financial troubles have no hurt the Scottish property market.

In the survey, about 19 per cent of those surveyed believed housing prices in Scotland dropped while some 54 per cent in London reported a drop.

Additional surveys have been done. The construction market in Scotland is doing well as is the commercial sector who also saw good growth.

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