Average property prices in Scotland were 3.1% higher in February 2017 than the previous year but fell 0.6% month on month, the latest official figures show.
This took the average price of a home to £138,821 while sales in December, the most up to date figures available, increased by 6.5% year on year but fell 2.7% month on month.
The official data from the Registers of Scotland also shows that the biggest price increase year on year was in East Dunbartonshire with a rise of 9.4% to £195,967. The biggest decrease was in Aberdeen where prices fell by 9.6% to £161,199
‘Average prices continue to hold steady. February 2017 continued the general upward trend seen in 2016 when every month, with the exception of March, showed an increase in average price when compared with the same month of the previous year.
He also pointed out that sales were up by 30.8% when compared with December 2014, up by 17.2% when compared with December 2013 and up by 44.3% when compared with December 2012.
Even although prices have continued to fall in Aberdeen since June 2015, due to oil prices falling, sales have increased, up 4.2% in December 2016 compared to December 2015.
Across Scotland, all property types showed an increase in average price in February 2017 when compared with the same month in the previous year, with flats recording the biggest increase of 4.8% to an average of £99,890
The average price for a home purchased by a first time buyer was £111,698, an increase of 2.7% year on year and the average price paid in cash was £131,575, a rise of 6% while the average price for property purchased with a mortgage was £143,544, an increase of 2.9%.
Leading property consultancy, CKD Galbraith, supports the findings that the housing market in Scotland is steady and has reported a 57% increase in property viewings compared with the first quarter of last year and a 49% growth in applicant registrations.
Simon Brown, partner and head of residential sales at CKD Galbraith, pointed out that demand continued to outstrip the supply of properties coming to the market but looking ahead over the next quarter he expects to see a number of changes to the Scottish property market.
‘As is typically the case in general election years, we anticipate that the uncertainty caused may well slow the property market down in the weeks leading up to 08 June. The market will, we believe, pick up again and continue growing once the dust has settled,’ he explained.
‘As a Scottish based firm with international reach, we have experienced strong levels of demand across all aspects of the residential market during the first three months of the year. This is due to the competitive pricing and value for money that remains available across the country,’ he added.
Article published by Property Wire - 2nd May 2017