Scottish House Prices

30 Nov 2016

2016 has seen average house prices in Scotland rise over the past year but at nearly half the rate of the UK as a whole. Figures released by Registers of Scotland (RoS) show an increase of 4.3% compared with UK house prices rising by 8.4% over the same period.

East Renfrewshire showed the biggest increase with average prices rising by 12.7% with the City of Aberdeen seeing the biggest decrease with prices falling by 8.7%.

The best performing areas in terms of volume of sales were seen in City of Edinburgh, Glasgow City Centre, South Lanarkshire, Fife and North Lanarkshire, however overall residential sales fell by 7.4% year on year. There could be a number of factors for this fall mainly the change in Land & Buildings Transaction Tax, ‘Brexit’ and the additional tax to all second home buyers and buy to let investors.

Some positive news is that we have noticed an increase in sales in September, October & November compared to last year and has certainly been our busiest quarter. It is always hard to predict the house market but with cheap lending and with an increase of active buyers and investors it does look 2017 should be another busy year.