Scottish Property Prices Hit Two-Year High
Cash in on the true potential of your Edinburgh home as Scottish house prices hit a two-year high and Edinburgh continues to show strong growth.
Property prices in the country rose by 0.1 per cent in March, meaning that average prices remain at their highest point for two years, according to the latest index.
March’s rise took the average Scottish property price to £173,335, which is the highest average seen since May 2015. The index also shows that the country’s biggest cities, including Edinburgh, continue to record strong growth.
Prices in Edinburgh are being kept strong by an increase in demand, which is exceeding supply, meaning it’s good news if you want to sell your property with Coulters right now.
In Scotland overall, the annual price growth was recorded at 1.8 per cent, which is faster than the annual rise for London. New peak property prices were also recorded in the Highlands and South Lanarkshire.
Annual growth is down compared to the 2.9 per cent rise recorded at the same time last year, but Edinburgh is largely resistant to market changes with its popularity and sales continuing unabated, despite any Brexit uncertainty.
In Edinburgh, the annual price change recorded in March showed a 5.1 per cent rise. This compared to 4.1 per cent and 3.7 per cent falls in the Fife and Aberdeenshire areas.
The city continues to be a major driving force in the steady growth of property prices within the Scottish property market, boasting continuously solid performances month after month.
According to the latest index, the largest monthly rise was recorded in Clackmannanshire, where prices had gone up 8.4 per cent month on month and 11.6 per cent annually. This resulted from the sale of a £885,000 property. In East Lothian, sales went up by 4.5 per cent as a result of the sale of a £1.1 million Inveresk Estate property.
Edinburgh remains home to the area’s most valuable homes, with an average property price of £250,107.
A report accompanying the recent index claims that neither the upcoming general election nor the backing of another independence referendum by the Scottish Parliament have been reflected in the figures.
It also adds that, despite the date for formally starting the Brexit process and triggering Article 50 being known, the decisions to sell and buy homes would have been made previously. Even with foresight, however, there is little evidence suggesting that prices would be very different, it said.
Are you looking to buy or sell property in Edinburgh? Call Coulters today 0131 603 7333 and speak with a member of our expert property team, someone will always be available to help.