Annual house price growth in Scotland is twice that of the rest of the UK, according to the latest LSL house price index. The average house price is now £180,892 which signals that the market is in good shape. This is despite the introduction of the new Land and Buildings Transaction Tax which saw values fall by 2.1% in May earlier in the year.
Managing Director of Your Move in Scotland, Christine Campbell, said last week:
“There is no denying that the recent tax turbulence has affected property prices in the shorter term, with the latest monthly dip testament to further shock waves of the LBTT, as the market continues to absorb the change. May’s monthly fall of 2.1%, equal to £4,000, is the largest backwards step we’ve experienced for nearly six years.
“Yet the trends that can be gleaned are positive. Scottish house prices are up by more than 10% on an annual basis, and the sentiment from buyers is upbeat as the stability of the housing recovery shines though.
“But overall, the downwards correction we’re seeing in May has not undone the progress that’s been made so far this year. In the midst of all this disruption, Scottish house prices have up 7.6% or £12,747 since January.
“In another sign of the strength at the core of the housing recovery, May also marks a considerable breakthrough for Scotland’s second city with average house prices in Glasgow finally exceeding their 2007 housing boom high, and reaching a new peak.”
While Glasgow is showing signs of strength, the Edinburgh property market is doing better than ever. With some parts of Edinburgh reaching pre-recession levels of activity, this is a great time to own a property in the city. It is not uncommon to see Edinburgh properties going for 20 per cent above their offers over price in popular areas.
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