At 8.6%, average annual price growth in Scotland exceeds the UK average. Growth is currently stronger than at any point since March 2015 and considerably higher than the 2.0% recorded this time a year ago. Although Rightmove report average asking prices fell by 2.5% month on month in January, properties are selling more quickly than a year ago.
Annual price growth has strengthened across the UK in recent months
Most active housing markets across Scotland
At £165,703 the average price of a property in Scotland is just over £13,000 more expensive than a year ago and activity across the market is robust. On average just 4.3% of private properties sell each year, with turnover in Midlothian and East Lothian more than 5%. Over 8,800 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
Mark Bain, Company Director at KnightBain, comments on the region:
"We continue to see an appetite for properties even under the latest lockdown rules. Homes that have been improved / upgraded in recent times are achieving high sale prices and, in some cases, the highest the street has ever seen. This is down to lack of stock and high demand. We do still see a higher-than-normal number of sales fall through, mainly due to buyers unable to get the finance after initially having mortgage agreed in principal."
Alyson Lowe, Managing Director of Alexander Taylor Estate Agents, comments on the region:
"We are based centrally, in Falkirk, "the fastest selling area in the UK". We have experienced a stop-start and a shortage of stock. However, we expect a huge bounce once we come out of lockdown. The low stock has increased the offers to buy over the Home Report price in some cases by £40,000. So, I can see the way forward once we return to normality where we will see a huge bounce and then a levelling out, to somewhere near normal."
Properties for sale in Scotland
1 Queens Mews is an excellently-equipped, modern three-bedroom townhouse, situated in the heart of Bridge of Allan. The property is neutrally decorated throughout and is within easy reach of local amenities and transport links. The accommodation is provided over three levels, with the ground floor accommodation consisting of the third bedroom, utility room and downstairs WC.
Tucked away in a private cul-de-sac, this detached, unique and wonderful home has been architecturally designed for family living. The property boasts a fully enclosed private south-west facing, landscaped garden with a generous area that could accommodate several cars. The home has been upgraded throughout with no expense spared to create a bright and versatile accommodation, comprising four reception rooms, four bedrooms, a fitted kitchen and three bathrooms.
Situated in the popular commuter town of Bo’ness, this executive two-bedroom first floor apartment would be ideal for a first-time buyer. The property enjoys an excellent position close to cities of Edinburgh and Stirling, the central motorway network and Edinburgh airport.
Immaculately presented throughout, the property comes to the market in move-in condition, which includes a well-equipped kitchen with integrated appliances.
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