Scottish House Prices – What will happen in 2015!06 May 2016
Registers of Scotland published statistics showing the average price of a residential property in Scotland increased by 5.2% during the second quarter of 2014 compared with the same period in 2013. The average price for this quarter was £170,190, the highest recorded since Registers of Scotland began compiling reports.
The total volume of sales across Scotland registered in the second quarter of 2014 saw an increase of 9.1%. This shows that the number of buyers has increased and demand is out there.
East Dunbartonshire saw the largest % rise in the number of sales, recording an increase of 29.1% compared to the same period in the previous year. They also recorded the highest % value of sales increasing by 36.4%.
Figures are still to be produced for the last quarter of 2014 but early indications predict a small decline in the average price per property. This may be a reflection of the time of year, the referendum and uncertainty on the economy.
What will 2015 Bring?
2015 although very early days has started off well, we have seen the number of new instructions, active buyers and sales agreed all increase compared with the same period last year. Borrowing is still cheap and the number of mortgage deals available is encouraging which should help tenants/renters get on the property ladder.
Having said that with a general election and the possibility of interest rate rises expectations for 2015 are not as great as what we have seen in 2014. Most experts expect a rise but a more moderate one – early figures indicate an increase of 3.5%.
2014 certainly was a good year with house prices finally going up, the number of sales increased and the feel good factor was back. 2015 looks set to be another good year with prices rising but in a more moderate fashion.
If you are thinking about buying or selling get in touch and also let us know what you think will happen with the property market in 2015.