Raeside Chisholm Solicitors Blog

 We have tried to update our clients on trends in the Scottish property market, and for the last two years have been reporting on prices rising and rising – today’s report is no different!

House prices have risen to a record high in Scotland.

Demand for homes has more than doubled in parts of Scotland over the past year. Fresh data reveals the most sought after locations amid reports that buyers are paying up to 40% over the asking price.

Mortgage data has shown that buyers save around £1400 a year compared to renters. The data from Halifax suggests that buyers save £115 a month on average on housing costs if they can afford to get on the property ladder. The survey compared the typical monthly rent for a three-bedroom property in Britain with average buying costs, which include mortgage payments, household maintenance, repairs, minor alterations, insurance and income “lost” from funding a deposit instead of saving. Average buy to let monthly rent increased by 6% to £874.00 between December 2020 and December 2021 while buying costs rose 2% to £759.00 a month.

Figures from Nationwide Building Society show house price growth hit 11.2 percent in January, with this marking the strongest opening month to a year since 2005. The year on year pace of growth was faster than the 10.4% seen in December and the strongest since June. Prices rose by 0.8 percent month on month, marking the sixth consecutive increase as the typical value hit £255,556. The total number of property transactions was the highest since 2007, and around 25% higher than pre-pandemic levels recorded in 2019.