There has been a rise in the average price of homes here in Scotland according to the Registers of Scotland, with the average price of a residential property rising by 2.2% to £178,991 the financial year to April 2019. The total value of residential property in Scotland reached £18.2bn, which is a year-on-year increase of 1.6%.
This means that prices are at an 11-year high although prices are still around 20% less than the pre-financial crisis prices to the financial year ending 2008.
The report from RoS also found that there were nearly 200 residential property sales listed for over £1m. Two-thirds of these were in the City of Edinburgh local authority. In addition, 12% of residential property sales in Scotland were new-builds which is the highest figure since the financial year end 2008. Most sales were seen in Glasgow and most residential sales transactions were for those with a mortgage.
The largest increase was seen in Midlothian and the Scottish Borders recorded the largest decrease.
Latest figures from Rightmove compiled for the BBC show that homes in Scotland are selling fastest – and now replaces London as the fastest place for a seller to find a buyer for their home. Five years ago, it took an average of 36 days secure a buyer in London and this has risen to 60 days whereas in Scotland the average time fell from 66 days to 41 days over the same period.
Talk to our team today if you are considering your next move.
Whatever your reason for moving; whether it's for extra space, to downsize or you may simply have found your dream home, Nicol can help. Our knowledge of the local property market helps us develop a marketing plan that's right for you and your property.
If you are planning on selling your home, contact Nicol Estate Agents today for an appraisal of your property. Our Managing Director Douglas Nicol and Estate Agent and Valuer Daniel Cohen carry out hundreds of market appraisals every year, giving them an intimate and unparalleled knowledge of the property market in Glasgow, from city centre apartments to family homes and building plots. We will talk to you about the property market in your area, compare sales evidence, local demand for similar properties, outline our tailored marketing plan and provide details of our sales support strategy right through to completion.