According to new statistics, the Scottish property market has been recovering significantly better than the North of England market. Homeowners will be pleased to hear that Scottish house prices are now 2.4% below the peak of the market in April 2008. This compares favourably to the North of England where prices still sit at 8.1% below the peak.
According to the latest LSL monthly index, overall average prices in Scotland have risen by £6,435 - meaning the average property price in Scotland is now £161,873.
The market recovery has been strong in Scotland's cities, particularly in Aberdeen where prices set a new record. The cost of a house rose 17.1% over the last 12 months in the granite city and in the first quarter of the year sales are up 25% compared to the same period in 2013.
A spokesman for the LSL index said: 'The recovery in Scotland has now taken a stronger grip than in the northernmost regions of England. Just south of the border lies a reminder of the challenging road back from the depths of the recession, with the average price in the North of England still lingering 8.1% below their 2007/2008 pre-crisis peaks.'
Undoubtedly a rise if first time buyer activity has helped this renewed growth, with the government's Help to Buy scheme a key catalyst. 'The revived confidence at the bottom of the property ladder is rising up through the rungs, emboldening home movers to take the plunge after years of hesitation.'
However, amidst this welcome revival in confidence there was a note of caution concerning the blue and white elephant in the room: Scottish independence.
'By keeping interest rates at a historic low, the Bank of England is maintaining the steady cost of borrowing and supporting housing growth. But whether the uncertain fiscal impact of an independent Scotland will have ramifications for the wider recovery remains to be seen.'