Economy Could Shrink By 25%
An economic think tank has indicated that the Scottish GDP could shrink by between 20-25% if current restrictions last until the summer. The Fraser Allander Institute at Strathclyde University has stressed these figures are not exact predictions, but illustrate the scale of the shock the economy is experiencing. They suggested:

• Construction could be hardest hit, shrinking up to 40-50%, due to the closure of non-essential building sites
• Production could decrease by up to 25-30%
• The services sector could be down to 15-20%
• Agriculture is expected to grow by 2-5%

Ministers have warned that although some sectors would bounce back after temporary contractions, it is likely to be a long road to recovery.

Property Sales Down 70%
Zoopla have reported that the number of property sales agreed across the UK has fallen by 70% since the COVID-19 restrictions were put in place on the 23rd March. The government did not ban moving house, but have advised against it for the purpose of social distancing.

There has been no mass withdrawal of properties on the “For Sale” market, however the closure of estate agency branches and national uncertainty has led to fewer sales being agreed in the last two weeks, with fewer new properties coming onto the market. The past month has seen enquiries fall by over 60%, although Zoopla have advised that over the past week, the number of people browsing properties has increased.

The government advice is that when the property being moved into is vacant, the sale should go ahead with care taken to observe social distancing during the move. If the property being moved into is occupied, then both parties should try to amicably agree alternative dates to move.

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