Annual sales up 15% in Scotland but prices down 0.4%, latest index shows

Taylor Scott International News

Annual home sales in Scotland jumped 15% in September but prices slipped by 0.4%, slowing the annual change to 5.1%, according to the latest index. That taxes the average price of a house in Scotland to £163,630, the data from the LSL Property Services/Acadata report shows. Prices dropped at the top end of the market in two of the most expensive areas in the country, Edinburgh and Aberdeenshire, down 1.3% and 1.2% respectively. ‘Following almost a year of fair winds and steadfast price rises, this is the second month in succession to muddy the waters. Edinburgh and Aberdeenshire saw the tide turn, reflecting the ripples in evidence in prime central areas of London, as the top tier of the housing market experiences the keenest downturn,’ said Christine Campbell, regional managing director of Your Move. The report says that while Scottish house prices have increased by nearly £8,000 in the last 12 months overall, the rate of annual growth has eased back to 5.1% in September from 5.8% in August. Since June, the monthly pace of house price growth has slowed and this is put down to the referendum vote on independence which put the brakes on activity in the housing market. ‘However, these shifts we’re seeing on the surface haven’t uprooted the solid foundations of the recovery, with average house prices across 81% of Scotland higher than a year previously,’ explained Campbell. East Renfrewshire led the way in terms of annual price growth, with property values soaring 13.4% in the year to September 2014, and new price peaks were reached in East Lothian and Aberdeen. Indeed, the price of a detached home in Aberdeen has risen by an average £15,000 over the last three months, to total £410,000. ‘September also saw sales snap back after the vote put the lid on uncertainty, and transactions were up 15% year on year, compared to only 7% growth over the 12 months to August. After the ground that was lost in August, renewed demand saw more vigorous activity buck the usual seasonal pattern, and this was the strongest September for house sales in seven years,’ Campbell pointed out. Continue reading →

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