A recent report prepared from information obtained from Aberdein Considine’s Property Monitor revealed that the average price for Scottish properties sold in the second quarter of this year (April-June 2018) was £169,450, a 4% increase from the same period last year.
The value of properties soared in all of Scotland’s main cities with the exception of Aberdeen. 27 out of the country’s 32 local authorities reported increases in property values. Edinburgh is the most expensive place to purchase a home with an average price of £260,706, overtaking the East Renfrewshire council area in Glasgow which previously topped the table.
In Lothian, the market value rose from £834m to just over £1billion-a quarter of all sales in Scotland. Glasgow saw a 3.9% rise to £154,520 and Dundee a 7% increase to £140,849 following the opening of the V&A Museum.
It is, however, not all good news despite the record prices. More than 77% of those surveyed said they had no intention of moving house, a rise of 43% from the first quarter of the year. Likewise only 6% are considering moving within the next year which could be signs of Brexit impacting on the market.
For first-class legal advice on property law please contact Alison Gourley on 0141 552 3422 or by email on ajg@mitchells-roberton.co.uk