Property price growth up in Scotland

Modern house interiorProperty prices in Scotland increased by 1.8% in April after stalling in March and are now 3.6% higher than the same month in 2016, Where it is overtaking the annual growth in England and Wales. According to the report from Your Move Scotland reveals, Glasgow and six other regions in Scotland recorded new peak prices with the average for the whole of Scotland reaching £175,087 due to increased demand from first time buyers and a lack of supply. It is the strongest monthly growth since 2007. The strong growth in April reflected both fundamental strength and fundamental weakness in the Scottish housing market. The economic growth and employment opportunities in Scotland are pushing up property prices in many areas.

Christine Campbell, Your Move managing director in Scotland: “It is first time buyers who are driving the market as they continue to take advantage of ongoing low interest rates and relatively low deposit requirements. They are influencing local markets which is leading to greater balance in prices amongst Scotland’s major cities. While the election result may have come as a surprise to some, it is imperative that demand for first time buyer properties is met with increased supply through new builds and that confidence in the market is restored to encourage activity across the board.”

 

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