Scottish House Prices On The Rise

It appears as though the Scottish economy is enjoying a period of rejuvenation if the cost of property prices is anything to go by after an annual rise of 4 per cent; the biggest house price increase in the country for 50 months.

The average property price now stands at £160,270, with more house sales in the month of January than in the same month of 2008. The cities of Edinburgh, Glasgow and Aberdeen have also experienced a 25 per cent rise in property sales, with those over the valuation of £400,000 being readily snapped up to a considerably higher level than in recent years. One of the reasons given for this growing trend is due to a lack of properties in the country. Estate agents Savills have given greater insight into this sudden housing boom: ‘We have noticed a change in the buyer age group over the course of the last year. In previous years there was an over reliance on those aged 50 and above driving the market. However, the prime market in the city hotspots of Edinburgh and Glasgow is increasingly being driven by younger professionals aged from 30 to 39. ‘The market strength in the core locations of Edinburgh, Aberdeen and Glasgow has spilled out to some of Scotland’s provincial locations, such as Tayside, where prime transactions increased last year by 19%. The prime markets in Ayrshire and the Borders also improved.’ Whilst it’s good news for the economy, it may not necessarily be good news for those looking to move who now find themselves priced out of the market. But you should try not to see it as a negative thing as sometimes improving, rather than moving, can be a better solution, especially if you’ve grown attached to your home over the years. Mitchell Glass can help you with that as we’re Scotland’s leading home improvement company and have a range that extends to every area of the house. It’s also worth noting that a new set of windows, doors or a conservatory or orangery can increase the valuation of your property too, so you could be quids in!