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Wednesday, December 17, 2014

Scottish prices settle after referendum

The latest data formulated by LSL/Acadata shows that Scottish average property price grew by O.7% in October.

Christine Campbell, regional managing director of Your Move, comments: 

“Since the independence question evaporated, a new ray of confidence and certainty is radiating through the market, as normality is resumed. The feel-good factor is especially pronounced at the highest tiers of the property market, where political uncertainty froze activity most acutely. Sales of properties worth £1 million or above have more than doubled from September to October, as high-end homes begin to change hands again. In fact, October 2014 saw the biggest number of million-pound properties sold in a single month since September 2008.

In brief
  • Scottish property prices jump 0.7% (or £1,200) in October, as market confidence returns 
  • Average house price in Scotland now stands only £717 below pre-recession peak in May 2008
  • Million-pound property sales soar after independence vote concludes and buoys top of market
  • Biggest annual rise in East Renfrewshire, but prices drop in East Lothian and Aberdeen City in October 

Dr Peter Williams, housing market specialist and Chairman of Acadata, comments: 

"In October, house prices returned to positive growth in Scotland on a seasonally adjusted basis, finishing the month at an average of £164,800, up by £1,200, or 0.7%, on September. This was the tenth of the last twelve months in which house prices have risen, with falls limited to the months of August and September - the two months which straddled the referendum, and the resultant uncertainty that defined the period.
An example of the uncertainty that existed prior to the referendum, and the new-found confidence emerging in the housing market subsequent to the outcome being known, is shown by the number of property sales that were priced at £1 million or higher. Figure 1 below depicts the count of £1 million-plus property sales in Scotland by month, since January 2013."

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