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Scottish house prices now at all-time high

Posted by: In: Real Estate 03 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,

Photo: Stuart Caie

The official statistics show that a house in Scotland in the second quarter cost an average of £170,190, up 5.2 per cent on the same period in 2013 and the highest figure since RoS records began in 2003.

From July to September this year, the total volume of sales was also up, with an increase of 9.1 per cent on the same quarter in the previous year, adds RoS, which also marks the highest volume of sales for any quarter since the first three months of 2008-09.

“This is the second consecutive quarter in which the annual increase in average house price has risen by over 5 per cent, bringing the average property price above pre-economic downturn levels, to just over £170,000,” comments Registers of Scotland’s director of commercial services, Kenny Crawford.

“This, combined with the increase in sales volumes, has brought the total value of sales across Scotland to just under £4.5 billion for the quarter, up 14.8 per cent on the same period last year.”

The highest annual price rise was recorded in Renfrewshere (17.2 per cent to £137,072), with the City of Edinburgh recording the highest overall average value (£235,402, up 5.6 per cent year-on-year).

The City of Edinburgh remains the largest market with sales of just under £759 million for the quarter, an increase of 17.9% compared with the same quarter last year.

Indeed, estate agency CKD Galbraith recently confirmed that Edinburgh had not been affected by the uncertainty surrounding the referendum vote in the third quarter of 2014. CLD found that the number of properties listed for sale jumped 50 per cent quarter-on-quarter, with the number of buyers up 5 per cent. On average, properties in Edinburgh also sold two weeks quicker than the previous quarter.

“The Edinburgh market wasn’t quite as affected by the referendum as other regions and although we saw a slight decrease in sales and viewings in the fortnight leading up to the 18 September, there has since been a lot of new activity as confidence returns to the market,” says Andrew Jarvie, of CKD Galbraith’s Edinburgh office.

The largest percentage fall in price was recorded in Scottish Borders, according to RoS, where values dropped 5.7 per cent to an average of £164,448. East Dunbartonshire showed the highest percentage rise with the value of sales increasing by 36.4 per cent compared to the previous year.

All property types showed an increase in average house price in this quarter, the biggest increase being in terraced properties at 5.3 per cent. The largest sales volumes came from detached properties, which went up by 11.2 per cent on the previous year.

Scotland, UK, House Prices, properties in Edinburgh, house in Scotland

Source: The Movechannel


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