Property prices in Scotland are now growing eight times faster than the rate of England and Wales, Your Move claims.
The Your Move Scotland House Price Index for January showed average prices were up 5.9% annually compared with 0.7% south of the border.
The average price of a home in Scotland is now £179,448, up 1.6% on a monthly basis, and the biggest such increase for more than a decade.
Other than the 9.6% spike in March 2015 ahead of the Land and Buildings Transaction Tax introduction, this is the biggest increase since February 2007 at the height of the last housing boom.
Edinburgh made up more than half of the increase, where prices were up 4.8 % to £264,903 in January, Your Move says.
Christine Campbell, Your Move managing director in Scotland, said: “Just as the rest of the UK seems to be slowing, Scotland is seeing a minor price boom. And that’s down in large part to the performance of the market in both Edinburgh and Glasgow.
“It is still too soon to say what the principle drive behind Scotland’s performance is.
“However, there has been an observable pattern that the number of sales on prime properties above £750,000 has increased over the last 12 months.
“On top of this, there has been a general increase in the price of flats in Edinburgh, likely due to first-time buyers looking for more affordable living solutions in the capital.
“As we move further into 2018, it will be interesting to see how low interest rates and an increasing shortage of property for sale continue to affect the market north of the border.”
Comments (1)
I would be interested to hear Your Move’s Statement on Scotland’s weather last year…. there was sun, rain, drizzle, fog, mist, winds, clouds, gales, storms, snow…. etc …..and midges!
I can’t abide lazy self promotion…. Glasgow & Edinburgh have generally been hotspots for decades…. and a continuing lack of supply is contributing to higher prices – that’s the straight story, no spin, no self promotion.
The story should read….. Well done for self promotion Your Move however your “Index News” ranks alongside Scottish Weather and some men in Scotland eat haggis & wear kilts sometimes, appropriately or inappropriately.
I’ll announce this “News” …..
”GPL claims The Loch Ness Monster is fed up with his/her Loch and is planning to move to a quieter Loch where he/she won’t be hassled by Tourists…..”