HERE has been a marked rise of four per cent on the average property price in Scotland compared to the previous year. With the f i gure increasing to £141,142 in May 2016, there was also an increase of 2.8 per cent compared to the previous month.
The latest UK House Price Index from Registers of Scotland also reveals the volume of sales is also up substantially, with an increase of 45.4 per cent in March on the previous year taking into account the LBTT increases on second homes and buy-to-let properties.
The biggest price increase over the year was in East Renfrewshire, where the average house price has risen 7.0 per cent to £201,282, while the City of Aberdeen recorded the biggest price decrease, down 9.2 per cent to £176,394.
New build has also fared well, with an average price of £200,554 in May – up 12.2 per cent on the previous year.
Get on the ladder
FIRST time buyers looking to get the most for their money should focus their search on East Dunbartonshire, which according to Bank of Scotland’s newly published First Time Buyer Review, tops the UK’s most affordable Local Authority Districts with property prices averaging £97,089 – equal to 2.6 times l ocal annual average g ross earnings.
In fact, five of the UK’s ten most affordable local authority areas are in Scotland – the others being East Renfrewshire, West Dunbartonshire, Stirling and North Lanarkshire. The bank’s data also shows that half of the first time buyers in Scotland are below the £125,000 stamp duty threshold.
The question here is, how East Renfrewshire records the highest average property price rise on one hand, yet also manages to be one of the most affordable areas for first time buyers. Answers on a postcard, please…
FIFE has continued to prosper this year, according to CKD Galbraith’s figures for the second quarter of 2016. George Lorimer, partner at the property firm’s Cupar office, said: “We have seen a steady increase in the number of properties on the market from April through to June this year – up 35 per cent compared to the first quarter, while viewings in the area increased by 62 per cent.
“These figures reflect the wide appeal of the Fife market and demand remains very strong for rural family homes, particularly those that include land and outbuildings.
“And the new Queensferry crossing will soon be a huge boost to the area north of the Forth, where prices are still very attractive compared with the rest of the UK.”