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Scottish housing market bucks UK trend

Average house prices in Scotland have hit their highest ever level, despite the struggles facing the property market in England and Wales.

According to data from Your Move, the average house price in Scotland is now £184,569 – up 1 per cent month-on-month and 5.5 per cent year-on-year.

This is the highest average ever, above the March 2015 peak set by the spike in prices immediately ahead of the introduction of the Land and Buildings Transaction Tax.

Meanwhile, UK-wide house price growth has fallen to its lowest level in more than five years amid concerns about a no-deal Brexit and further interest rate increases.

Christine Campbell, Your Move managing director in Scotland, said: “Setting a new peak average price at a time when many parts of the UK are struggling to maintain prices is a significant show of strength from the Scottish market. Scotland continues to defy the pessimists.”

Your Move’s analysis said there were not particular circumstances which explained this rise, and attributed it instead to a gradual increase over the past three years.

The increase has also been broad-based, with Edinburgh reporting an increase of 10 per cent over the past year and Glasgow seeing prices go up by 9 per cent.

Meanwhile areas such as Angus saw prices go up by 11 per cent while Na h-Eileanan Siar saw house price rises of 12 per cent.

Alan Penman, business development manager for Walker Fraser Steele, one of Scotland’s oldest firms of chartered surveyors, said: “Despite any uncertainty surrounding Brexit, the Scottish market could hardly hope for a better position from which to face whatever challenges the next few months bring.”

Source: FT Adviser

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Scottish housing market outlook remains positive despite UK dips

House prices have continued to rise in Scotland despite dips in other parts of the UK, according to a new survey.

The latest Royal Institution of Chartered Surveyors (RICS) residential market survey for August found the market continues to be solid north of the border.

While the outlook in Scotland and Northern Ireland is positive, London, parts of wider South East England, and East Anglia were described as “downbeat”.

In Scotland, there was a net balance of 36% more surveyors reporting an increase in prices, with forecasts of positive momentum continuing in 2018.

Sales throughout Scotland were solid during the month, with a net balance of 7% more chartered surveyors reporting an increase.

The survey said figures suggest a further decline in properties for rent in Scotland in August while tenant demand continued to rise.

Simon Rubinsohn, Rics chief economist, said: “As the results highlight, in many parts of the country, including Scotland, the housing market remains quite firm.”

She added:“While a combination of a lack of stock and some level of uncertainty, both relating to the interest rate outlook and Brexit, has had an impact on activity, the overall picture in these areas is still encouraging.

“The story in London and the South East is, as has been widely recognised, rather more challenging but it is important that this is not seen as being indicative of the wider market.”

Source: The National