Raeside Chisholm Solicitors Blog

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.

Previously many Estate Agents had indicated that in their view house price growth would remain flat this year, as the economy floundered after the successive Covid lockdowns and the end of furlough.

After closing to new applications in October 2020, the First Home Fund is reopening and will be available for purchases from 1 April 2021 and completed before 31 March 2022. This article will look closely at how the scheme works, the eligibility requirements and provide you with all of the key information you need to know.