Photo: Stuart Caie
Scottish property prices slipped 0.4 per cent in September 2014 compared to the previous month, reveal the latest figures from LSL Property Services. homes in Scotland are now worth an average of £163,630, £587 down from the previous month. Indeed, prices have now fallen two months in a row. Nonetheless, they remain 5.1 per cent above the same time last year.
The fall was led by the turning of the tide in two of the most expensive areas of the country: prices in Edinburgh fell 1.3 per cent and Aberdeenshire slumped 1.2 per cent, which LSL attributes to the ripples from London’s cooling market spread across the UK.
“While Scottish house prices have sailed up nearly £8,000 in the last twelve months overall, the rate of annual growth appears to have changed tack,” comments Christine Campbell, regional managing director of Your Move.
Indeed, the monthly pace of house price growth has “ebbed away” since June, she explains, thanks to doubt surrounding the future of Scotland and its independence election.
“However, these shifts we’re seeing on the surface haven’t uprooted the solid foundations of the recovery,2 she adds, “with average house prices across 81% of Scotland standing taller than a year previously. East Renfrewshire towers ahead in terms of annual price growth, with property values soaring 13.4% in the year to September 2014, and new price peaks were reached in East Lothian and Aberdeen City, as activity continues to build. The price of a detached home in Aberdeen City has risen by an average £15,000 over the last three months, to total £410,000.”
September also saw sales snap back after the vote put the lid on uncertainty, with transactions up 15 per cent year-on-year, compared to only 7 per cent growth over the 12 months to August.
“This was the strongest September for house sales in seven years,” comments Campbell.
Source: The Movechannel