Scottish Property Growth Outstrips the UK
Scottish House Prices Rising!
House prices in Scotland rose at twice the rate of those in England last year, at 1.4% to £154,000 compared to the 0.5% increase to £249,000 south of the border. Overall, the UK as a whole saw the slowest average price growth since 2012 last year, 0.7% to £233,000. The other UK nations fared better, with Wales seeing a rise of 3.3% to £166,000 and Northern Ireland prises rising by 4% to £140,000. The UK Price Index figures were released last December by The Office for National Statistics.
In a more detailed view, house prices rose faster in Scotland than the UK average, during every month bar three since December 2017, demonstrating how different the picture is here than south of the border, in England in particular which continues to see market stagnation.
However, commentators still note an overall decrease in sales volumes. Interest and borrowing rates are still low and so the issue remains to be lack of available housing across the board, with demand outstripping supply in most areas. Property professionals therefore are calling on governments to accelerate the number of new-build schemes to help more people onto the market.
There is a similar level of decrease in terms of sales numbers between Scotland and England in fact, with a 4% decrease in transactions in Scotland and 4.1% in England, with many accounting this to the political uncertainty surrounding Brexit and the general election late last year. It is predicted that, with a new government in place and resulting Brexit momentum, buyer confidence will gradually be bolstered again in 2020, however. With prices remaining affordable and on the rise, buyers appear to have faith that investment in Scottish property is still secure.
Those thinking of selling in Scotland should perhaps take stock at present, keep an eye on how their local market is performing and, with possible political uncertainty in the future, strike whilst the Scottish seller’s market remains strong.
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