Your Move Revealed That Scottish House Prices are Increasing
A Survey conducted by Your Move has revealed that Scottish house prices are increasing. In January prices increased by 0.1%, which makes the average home in Scotland worth £171,407. The research conducted has also shown that the average price has risen by £2,600 a percentage growth by 1.5%.
It was a concern after the UK’s Brexit vote that there could be an impact on sectors including the housing market. However, it seems there has been little impact on house prices since the vote in June. These steady but modest increases add up to show that the annual growth is up 0.5% on the same time last year.
The Your Move research found slightly more mixed results when looking at specific areas in Scotland as opposed to the country as a whole. Half of the local authority areas saw their house prices market rise in January. Of the 32 local authority areas Inverclyde leads the way by showing growth of 5.3%. Angus however reached new levels with property buyers in this area switching from buying flats to buying detached houses.
In contrast to throughout the rest of the UK, higher priced property continues to show the strongest levels of growth in Scotland. The annual price inflation of Scotland’s property market trails significantly behind every region in the rest of Great Britain at 1.5%. Across England and Wales, the property inflation is at 3.9%, more than double the levels of Scotland.
The most expensive area in Scotland is East Renfrewshire and has seen property prices increase by 8.9% over the last year. Meaning that the average property price in this area has increased to £248,735. In contrast to the result that showed the most expensive areas for buying property increase over the past year, the areas that are the cheapest places to buy property has seen their average price decrease over the past 12 months. North Ayrshire saw one of the biggest drops, down 11.5% and is now one of the cheapest local authority areas to buy property in Scotland.
