Raeside Chisholm Solicitors Blog

Research from Rightmove has shown that Scotland has now overtaken London as the fasted moving market for homes which cost more than £1,000,000.  Analysis shows that these properties in Scotland typically find a buyer within 61 days which is some 25 days quicker than before the pandemic.

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!