Scottish house prices buck English slump
Friday, 16 May 2008 15:03
Property: Scottish house price continue to shwo growth
House prices in Scotland are continuing to increase, despite falls in the wider UK market.
According to research released today by the Registers of Scotland, the average property in the country is now 7.4 per cent higher during the first quarter of this year than the same period of 2007.
Consequently the average property now costs £150,257.
This compares to the research from the Department for Communities and Local Government (DCLG), which finds the average price for a property north of the border stood at £163,687 in March.
However, the research also finds the volume of all registered sales – both cash and mortgage deals - dropped by just under ten per cent, to £4.1 billion, in the first three months of the year.
The north-east of Scotland is still out performing the rest of the country - with year-on-year prices up by 13.8 per cent from £151,965 to £172,930 over the period.
Other regions recorded increases between 4.8 per cent in Lothian and 8.8 per cent in central Scotland
Homes in Lothian, which includes Edinburgh, remain the most expensive in the country, at £187,316.
Geoff Lockett, of the estate agents Strutt and Parker, said that nervousness fuelled from the south of England meant fewer properties were on the market.
"It is good news for Scottish homeowners - not so great for solicitors," Mr Lockett said.
"Speculation has virtually ground to a halt; investment is massively reduced.
"That's why there are fewer properties coming on the market. The supply and demand balance remains - fewer people are buying and selling. I think the next 12 months will be a steady market with no significant growth or decline."
Chris O'Toole