Call us today on 0141 552 9193
GLP News

News, Comment & Opinions on the latest legal stories

Glasgow Law Practice White

Practice made perfect

Average House Prices in Scotland at Record Level

According to the most recent house price index from Your Move/Acadata, by rising to almost £167,000 in January 2015 – a 1 per cent increase since December 2014 – the average price of houses in Scotland has reached record levels and in doing so, has recovered from the losses, which resulted from the recession.

During the last so-called ‘property boom’, which peaked in May 2008, the average Scottish house price was £1,200 lower than it is currently.

The YourMove research shows that most parts of Scotland saw the average property price rise between 2014 and 2015. For instance, the average house price in Fife and West Lothian increased by approximately 10% over said period. Similarly, the average house price in North Ayrshire rose 11.6%.

Further, between December 2014 and January 2015, property prices in Dundee rose by 6.7%.

It’s not all-positive news for the property market however, as the number of home sales in January 2015 fell by 44% when compared to the previous month.

Additionally, in West Dunbartonshire, average house prices fell by approximately 7% in the last twelve months.

Commenting of her organisation’s findings, Christine Campbell, who is the Regional Managing Director of Your Move, stated:

“As we entered the new year, we also moved into a new chapter of Scotland’s housing recovery.

“Thousands of home owners are finally able to turn their backs on the housing crash as Scottish house prices break cover from under the clouds of the recession.

“We may have turned a significant corner in the journey back from the financial crash but we’re nowhere near the finish line.

“Although a minority, average prices have fallen in seven local authorities of Scotland during the past year.”

Contact us – Property Lawyers Glasgow

If you have any questions regarding buying or selling a property in Glasgow or the surrounding area, contact us using our online contact form.