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Sancho Panza

Scottish market is ‘blessing for first-time buyers’ as house price growth comes to standstill

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Property Industry Eye 17/3/17

'Average house prices crept up just 1.5% annually in Scotland but it is expensive properties driving the market unlike those south of the border, data from Your Move reveals.

The agent’s house price index for Scotland showed average prices trod water  in January, averaging £171,407, up just  0.1% on a monthly basis.

Unlike in England and Wales, in Scotland it is the high-end properties making the biggest gains, the agent says.

Eight of the ten most expensive local authority areas in Scotland saw increases in prices, with East Renfrewshire up by the most at 8.9% annually to £248,735.

In contrast, more than half the cheapest ten local authority areas have prices lower than they were 12 months ago, with the biggest drop in values over the year in North Ayrshire, down 11.5%. to £108,285.

Meanwhile, Angus experienced a new monthly peak of 2.4% to £163,567. This was attributed to the Aberdeenshire market drop over recent years which resulted in more properties coming to the market in Angus.

Christine Campbell, Your Move managing director in Scotland, said: “Relatively slow house price growth in Scotland is proving a blessing for first-time buyers.

“The early indications are that they’re using the opportunity to get on the ladder, helping to sustain transaction numbers.”'

 

Property Industry Eye,the gift that keeps giving.

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