Price Growth in Scotland Overshadows England and Wales
6 Apr 2018
New data suggests that Scottish property prices are growing at a rate that is eight times quicker than that experienced in England and Wales. A January house price index revealed that the average property price had gone up 5.9 per cent annually in Scotland, compared to a rise of just 0.7 per cent in the other two countries of mainland Britain.
This data suggests that the average property price in Scotland has now reached £179,448 and experienced a monthly rise of 1.6 per cent. This marked the biggest increase of its kind in more than ten years.
January’s figures revealed a rise that marked the biggest price spike since the peak of the housing boom in February 2007, with the exception of the 9.6 per cent hike seen in March 2015 as property owners sought to act before the introduction of the controversial Land and Buildings Transaction Tax.
According to the data referring to the start of the year, Edinburgh accounted for over half of the price increase as the average price hit £264,903, marking an increase of 4.8 per cent.
These rises indicate that, whilst the rest of the UK property market may be experiencing something of a slowdown, Scotland is going in the opposite direction and is experiencing what some experts have described as somewhat of a price boom, albeit a relatively small one.
This is being attributed in large part to the way in which the property markets in Edinburgh and Glasgow have managed to perform.
Another major factor in the increases is the performance of the prime properties valued at £750,000 or more over the previous year to January, along with a boost to flat prices in the Edinburgh area as first-time buyers seek out affordable property solutions in the heart of Scotland.
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