Raeside Chisholm Solicitors

Figures from the Office for National Statistics show that the annual rate of property inflation in Scotland hit 12% in June – this is the biggest annual raise since November 2004.

Recent research has revealed that house prices in the Scottish countryside have risen at the fastest rate since before the 2008 banking crisis. This analysis has found that there was a 5.5% increase in the three months to June, which the largest quarterly jump since the second quarter of 2007.

Average house prices in Scotland increased by 5.4% between April and May 2021, reversing a 4.1% fall in the previous month, according to provisional statistics from the UK house price index released by Registers of Scotland. The overall average figure of £171,448 was also 12.1% higher than in May 2020, when the market was significantly affected by the first coronavirus lockdown. Across the UK as a whole, the average price of £254,624 was up 0.9% on the previous month and up 10.0% on May 2020. All 32 local authority areas in Scotland showed a year-on-year increase. The largest mainland increase (Orkney and Shetland both saw rises of more than 30%) was in Inverclyde (20.2%), followed by East Dunbartonshire (18.9%), Argyll & Bute (17.8%) and East Renfrewshire (16.4%). The smallest increase was recorded in Angus (1.7%), followed by Moray (2.1%) and City of Aberdeen (2.6%).

The news from the Registers and all property professionals is that house prices in Scotland are rising at the fastest pace for 14 years!

Recent research has shown that economic uncertainty caused by the Corona Virus has led to more people investing in property. Data shows that property investors bought twice as many homes in the first quarter of 2021 as they did during the same stage last year.  In fact, investor purchases increased by 111% year on year and there were 63% more homes sold in the UK during the first three months of 2021.