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Scottish House Prices Reach Record High

According to official statistics, house prices in Scotland are at their highest ever level since Registrars of Scotland began compiling records in 2003.

The average price between July and September of this year was sitting at £170,190, which is above the average price prior to the economic downturn. The figure represents a 5.2 per cent increase in price compared to the same period in 2013.

Furthermore, total volume of sales is also up by 9.1 per cent on the previous year. The total sales value throughout Scotland for the quarter reached £4.5 billion, marking a 14.8 per cent rise from the same time last year.

Unsurprisingly, Scotland’s capital city, Edinburgh, is still the most expensive place to buy a home, with the average price being recorded at £234,402, a rise of 5.6 per cent on last year. House prices in Glasgow rose by 5.0 per cent, making the average price £138,885.

The Edinburgh market still remains the largest in the country, with total sales just under £759 million. However, the highest percentage rise in the value of sales was East Dunbartonshire, rising by 36.4 per cent in the year.

Activity does often peak during the summer busy period, but improving economic activity, bank lending and new build activity will also have helped to raise the market.

That being said, growth rate is slowing down due to the Mortgage Market Review placing more controls and restrictions on mortgage lending – growth has slowed from 26 per cent at the end of 2013 to nine per cent at the end of the third quarter of this year. But the very fact that we are still experience such considerable growth despite this shows the strength of the market, and more stringent rules can be a good thing nonetheless.

One Edinburgh based estate agent said: “These latest statistics show that the housing market in Scotland is continuing to improve.First-time buyers have also returned to the market in larger numbers, which is a major factor behind getting the market moving at all levels” he added, but he did warn that “although demand pressures are seeing house prices rise, prices in Scotland remain down on 2007 levels in real terms”.

It is expected that in the next set of figures the average value across the country will show another increase, due to more higher-value properties coming on the market ahead of the implementation of the Land Building Transactions Tax, which will be replacing Stamp Duty Land Tax from 1 April 2015 in Scotland.

Contact Us – Buying or Selling Property in Scotland

If you want to buy a property to live in or rent, or wish to sell a property which you own, in Glasgow or somewhere across Scotland, The Glasgow Law Practice can help . To get the legal advice you need from our experienced property lawyers based in Glasgow, please complete our online enquiry form.