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Scottish House Prices Rise by 3.4%

Scottish properties have continued to rise at a similar rate to the growth seen at the end of 2014, with property sales also rising since the beginning of the year.

According to statistics, the average cost of a home in Scotland rose to over £167,000 with the most expensive area being in East Renfrewshire with an average property price in Scotland of £227,905.

Decrease in Volume of Sales

Although the statistics showed many positives for those purchasing and selling in Scotland, the volume of sales fell for the first time since 2012, with a decrease of 0.3% sales, with over 25,000 properties sold.

The figures include all sales in Scotland, even those that do not involve a mortgage.

Continued Rise

Kenny Crawford, Registers of Scotland’s director of commercial services, said: “House prices have continued to rise this financial year, with average prices up by a minimum of 3.4% year on year for the last three quarters.

“We have also seen total values increase this quarter, with the city of Edinburgh remaining the largest market with sales of just over £656m, an increase of 2.8% compared with the same quarter in 2013.”

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If you are looking to purchase a property or require legal advice regarding a property or mortgage, our team of specialist solicitors are here to help. Contact us today by calling 0141 530 2542 or by using our online contact form.