Scotland feels ‘Boris Bounce’ as property sales soar

SCOTLAND’S property market has enjoyed a ‘Boris Bounce’ after last year’s general election sent house sales soaring.

Property sales rose sharply after the general election as the ‘decisive nature’ of the result increased confidence in the market, according to a report.

More than 10,200 homes changed hands in Scotland in December, up 15 per cent on the previous month, Aberdein Considine’s property monitor has revealed.

Sales increased in 25 of the country’s 32 local authority areas, and £1.9billion of property was purchased in December – £176million more than in December 2018.

According to the report, the surge in home sales is evidence of ‘early signs the so-called “Boris Bounce” was being felt north and south of the Border’.

Aberdein Considine managing partner Jacqueline Law said: ‘After a year of political and economic uncertainty, it would appear that the decisive nature of the election result has brought a fresh wave of confidence to the property market.

‘You have to go back to December 2007, before the global credit

‘Fresh wave of confidence’

crunch, to find a higher month of pre-Christmas property sales.’

Across Scotland, property prices rose 2.2 per cent in the fourth quarter (Q4) of 2019 compared with the same period the previous year, to a national average of £178,151.

The report found East Lothian has become the most expensive place in Scotland to buy a property. The average sale price in the region was £267,905 in Q4 of 2019, more than £2,000 higher than Edinburgh, which was in second place.

East Dunbartonshire recorded the largest price rise during the quarter to become the country’s third most expensive area, with an average sale price of £263,291. Prices were stable in Aberdeen at £194,528, down only 0.1 per cent on the previous year.

Last year, total sales in Scotland came to just under £18.7billion, which was £550million more than 2018.

Scottish Conservative MP Andrew Bowie said: ‘This report shows there is ample cause for enthusiasm. This is in marked contrast to the doom and gloom approach of the SNP.’