Fair City overtakes Aberdeen for property prices

Property sales in Scotland topped £5 billion in the third quarter of the year as the price of an average home in Perth and Kinross overtook Aberdeen for the first time.

Perth and Kinross enjoyed a second consecutive quarter of “considerable” growth, according to research by estate agent Aberdein Considine. The region followed its near 10 per cent price increase in the year’s second quarter with another 6.1 per cent rise this quarter.

The back-to-back increases put the average home in the region at £203,398, overtaking Aberdeen. The Granite City recorded its first year-on-year average price increase since the oil and gas slump, signalling the north-east market is starting to improve.

The average home in East Renfrewshire and Edinburgh now costs more than £250,000.

The firm said Scottish property sales, average prices and market values all increased during the third quarter of 2017. For the second consecutive quarter, East Renfrewshire recorded the highest average price in Scotland, with an average sale of £261,512 during the period. This figure was up 5.9 per cent on the same time last year.

It is just ahead of Edinburgh, where average prices rose 6.6 per cent year on year to £257,220.