There has been some good news in the press regarding Scotland’s housing market over the last few weeks with the rise in house prices outstripping the rest of the UK, and with house prices set to continue to rise over the next few months.
Firstly, in the year to February 2018, house prices rose by 6.2% in Scotland compared to 4.4% across the rest of the UK.
From March to April this year, Scotland saw an average monthly rise in property prices of 2.9% compared to the rest of the UK which saw an average rise of 1.07%. In addition, the average time to sell was 48 days, which compares to the national average of 64 days.
Last year’s biggest increases were in Argyll and Bute, where prices rose by 13.3% and Edinburgh and West Lothian, with an average price rise of 11.2%. However, decreases were recorded in Aberdeen City and Stirling, where prices fell by 1.5% and 0.5% respectively.
Edinburgh remained the most expensive place to buy a home in Scotland in February while East Ayrshire was the cheapest.
Secondly, the Royal Institution of Chartered Surveyors (Rics) has reported that enquiries from new buyers and sales activity had stabilised over the month, and in its recent UK residential market survey it found that a net balance of 39% more chartered surveyors reported a rise in prices for homes in Scotland. Meanwhile the national price balance slipped to -8% driven by a fall in prices in London.
In addition, in Scotland a net balance of 20% of those surveyed expected property prices to continue to rise over the next few months.
In the lettings market, tenant demand in the three months to April was steady, with a net balance of 6% of respondents reporting an increase in activity.
Clyde Property is a leading independent, multiple award winning estate and letting agent with more than 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.
