Data that has been revealed by Registers Scotland shows that the amount of sales in Scotland has leapt by 8.1% between the months of April and June. Not only are sales increasing so is the value of the properties being sold in some areas. This is due to the increased demand from buyers.
According to the data the biggest increase was seen in East Renfrewshire which is an affluent area with properties now selling for £211,899. Having said this, the average price for properties in Scotland have fallen slightly by 0.3%
This report is one of many which show that there is mainly improvement in the market in Scotland. Also reporting positive figure are LSL Property Services/Acadametrics and the Royal Institute of Chartered Surveyors.
Although there are varying house price increases and decreases, across the board the amount of sales have increased since this time last year across all property types and especially flats. The amount of flats that were sold is a huge 16.6% increase on this time last year which is great news for the market. The majority of these flats were sold in Edinburgh where, overall, this area saw an increase of 16.5% in property sales.
Kenny Crawford is the director of commercial services at Registers of Scotland and he has said, “Across Scotland, some areas are experiencing significant price increases. In particular, Aberdeenshire is performing well, with an average price of £215,589. This is a 5.6% rise from the same period a year ago.
“East Renfrewshire recorded the highest percentage price rise of 6.2%.
“However, prices in Argyll and Bute have experienced a drop of 11.9%.”
In Glasgow there were 2161 properties sold according to Registers of Scotland between April and June which is an increase of 13.8% compared to 2012. There are also other areas that saw some movement in terms of the housing market including Midlothian. Here the amount of transactions that occurred was up from 258 to 323.
Simon Brown is the head of residential property at consultants CKD Galbraith and he has said, “As a firm we have experienced heightening confidence in the Scottish property market with the volume of sales agreed being up 30% on the same period last year and double the number of viewings being conducted this quarter since the first quarter of 2013.
“There have been further encouraging signs this summer, with the competitive closing date system making a comeback across the country, in particular in Edinburgh, Perthshire and Ayrshire, where many properties quickly achieved over asking prices.
“With a positive approach and sensible pricing we have seen more stability and confidence throughout the country this year. Both buyers and sellers appear to be comfortable with where the market currently stands.”
On top of this Blair Stewart who is a partner at Strutt and Parker has said, “Our figures show the level of transactions in Edinburgh City is significantly up compared to this time last year.
“This may, in some part, be due to a late spring market. June and July have been marked by far more activity, and some successful closing dates, than we would expect at this time of year. This is having a positive effect on momentum and I am optimistic about the coming months as a result.”
This movement in the property market in Scotland is great news for those who are looking to sell as it means they can push their prices up as there is more demand. It is also great for those who are looking to buy as they have more choice, although they will probably be paying more for this luxury. If you are a landlord now might be the time to grab yourself a bargain. Make sure you have researched the area and the market you are operating in and be sure to have adequate landlord insurance cover.
Overall it is interesting to see that property sales have increased and in some areas so have the prices although this isn’t the same for all of the UK. Many estate agents are reporting more and more viewings. With the vote for Scottish independence right around the corner, this could again swing the Scottish market so the next 12 months or so is going to be an interesting time for investors.