Number of people moving home in Scotland ‘drops by more than a third’

The number of people moving home in Scotland dropped by more than a third in the first half of the year, according to new figures.

The Bank of Scotland Homemover Review reports 9,701 people moved house in the first six months of 2020 – down 5,809 (37%) compared with the same period in 2019.

As well as marking the greatest decline since the 2008 financial crisis, the figure is also a stark contrast from the peak in the first half of 2017 when 15,510 people moved homes.

Scotland’s figure is slightly higher than the UK average of a 31% drop in people moving home for the first six months of the year.

Graham Blair, Bank of Scotland mortgages director, said: “Never before have we seen the property market shut down the way lockdown demanded.

“While Scotland saw a more significant drop than anywhere else in the UK, this is likely due to the fact that the easing of restrictions were timed differently across the UK nations, with the Scottish housing market on hold for slightly longer.

“The current stamp duty (Land and Buildings Transaction Tax) holiday and pent-up demand has brightened the housing market outlook once again.

“While uncertainty around the lasting impact of the pandemic remains, at least for now the property market looks more buoyant, with many people planning their next move after months spent at home during lockdown.”