According to the latest figures from the Office for National Statistics (ONS), house prices in Scotland rose in the year to £167,000 – this is an 11% rise.
It has been well documented that the pandemic and subsequent lockdowns resulted in a once-in-a-generation re-evaluation of priorities with space for home working, access to outside space and more rural homes increasingly in demand. Buyers are “reassessing” their housing preferences resulting in the average price of detached properties in the UK rising faster than flats and we are seeing the highest price inflation for 14 years, up from 8.3% in the 12 months up to February 2021.
Demand for family homes is at its highest level we have seen here at Nicol Estate Agents – we are seeing a large number of buyers for each property for sale according to recent reports from Zoopla, the level of family houses for sale has hit a five-year low as the demand for more internal space and gardens has significantly outstripped the supply of homes on the market. The number of four-bedroom homes for sale has fallen over 20% year-on-year in all regions of the UK, with Scotland seeing a near -60% fall. The availability of three-bedroom properties is also down.
Here in Scotland, the number of transactions in the first three months of the year was up by nearly half on the start of last year.
If you would like to take advantage of the property prices here in Scotland, contact us at Nicol Estate Agents today for a free appraisal of your home from our team of experts.