SCOTTISH property sales exceeded £5 billion in the third quarter of the year, taking average house prices in two areas over £250,000 for the first time, a study has found.
In Edinburgh and East Renfrewshire, the average home now costs more than £250,000, according to research by estate agent Aberdein Considine. The company said the property market in Scotland is enjoying its best spell of growth since the financial crash.
The firm’s Property Monitor shows Scottish property sales, average prices and market values all increased during the third quarter of the year. For the second consecutive quarter, East Renfrewshire recorded the highest average price in Scotland, with an average sale of £261,512.
This figure was up 5.9 per cent on the same time last year. It is just ahead of Edinburgh, where average prices rose 6.6 per cent year-on-year to £257,220.
Perth and Kinross enjoyed a second consecutive quarter of “considerable” growth.
It followed its near-10 per cent price increase in Q2 with a rise of another 6.1 per cent.
The back-to-back increases put the average home price of a home in the region at £203,398, overtaking Aberdeen.
The Granite City, however, recorded its first year-on-year average price increase since the oil and gas downturn, signalling that the market in the north-east is beginning to improve. Aberdeenshire also enjoyed an increase in sale volumes for consecutive quarters.
Jacqueline Law, managing partner at Aberdein Considine, said: “The property market in Scotland is enjoying a spell of growth not seen since the halcyon days prior to the financial crash of 2007/08.
“More than 28,000 homes changed hands during the third quarter of the year, up nearly four per cent on the same period last year and almost 2000 more than in Q2.
“Just under 3500 of these sales came in Edinburgh, the busiest property market in Scotland, with Glasgow a close second.
“And for the first time, Scotland has two areas where the average home will set you back more than a quarter of a million pounds.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel