X
X
Where did you hear about us?
The monthly magazine providing news analysis and professional research for the discerning private investor/landlord

House price growth in Scotland is outperforming the rest of Britain

House prices in Scotland are growing faster than in England and Wales and in October increased at their strongest rate since March 2015, according to the Your Move/Acadata Index.

The Index shows that prices increased by 1.5% month on month, taking the price of an average property in Scotland to £172,561, which is 2.9% higher than a year ago. However, sales were down 3.6% in the third quarter of 2016 compared to the same period in 2015 but comfortably ahead of the two preceding years.

Transactions have recovered strongly since their slump following the large number of purchases brought forward ahead of April’s additional 3% Land and Buildings Transaction Tax (LBTT) surcharge on second homes. The price growth was helped by a revival in prime property in particular. Edinburgh, for instance, with an average price of £252,488 in October, had seen sales of properties in the £325,000 plus sector fall 17% in the first half of 2016 but in the third quarter they were up almost 8% on the same period last year and up 32% quarter on quarter.

Overall, sales of properties in excess of £325,000 were up 35% in the third quarter, while transactions of all properties over the period were up less than half that, rising 16%.

If you want to read more news subscribe

subscribe