Scottish property prices rise

Residential property prices in Scotland rose in the second quarter of 2015, thanks in part to an increase in the volume of sales achieved compared to the first quarter of the year.

Average property prices in Scotland increased to £167,765 in the second quarter of this year compared to the previous year, according to the latest data from the Registers of Scotland.

It means that the average price of a home is now at its highest for this quarter since Registers of Scotland began compiling quarterly statistics in 2003.

Greatest home price rise in Scotland was recorded in West Dunbartonshire, taking the average price to £120,822, while Edinburgh recorded the highest average at £237,286.

The largest percentage fall in price was in East Renfrewshire, with major drop taking the average home price to £216,565.

Prices of properties across Scotland increased on annual basis – owed largely to the highest volume of sales for seven years.

Property sales in Glasgow rose sharply, with 3,035 residential properties sold in the second quarter compared to 3,002 in Edinburgh. This is the first time that the volume of Glasgow property sales has exceeded those in Edinburgh since quarter four of 2012.

In contrast, Aberdeenshire saw the greatest drop in the number of sales, which partly explains why home price growth is lagging behind the national average.

Property consultancy, CKD Galbraith, said that its own research shows a similar pattern and Simon Brown, partner and head of residential sales at CKD Galbraith, welcomed the fact that the Scottish property market as a whole, including home prices, has witnessed steady growth over the first half of 2015.

Brown commented: “Research conducted by our firm over the second quarter of the year presents an encouraging picture for the Scottish property market as a whole which has witnessed steady growth over the first half of 2015. Our sales for the firm collectively were up 4.65% over this period compared to the first quarter of 2015.

“The market has improved somewhat post-referendum and we have witnessed a surge in viewings being conducted, the numbers of prospective buyers registering with us and the number of properties coming onto the market – all highlighting a real boost in market confidence both from sellers and buyers alike. We believe this will continue as the market gains additional momentum after the summer holiday period.”