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Insight & Opinion

Scotland property sales and prices on the increase

Author: Gemma

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There has been an increase in Scotland property sales of 26.1 per cent during quarter four of 2013, in comparison to the same period in the year previously.

That’s according to new data from the Registers of Scotland and represents the highest volume of sales in the country since the third quarter of 2007.

This has seen estate agents predicting a bright future for the Scottish property market, with many expecting to see a further increase in values of bricks and mortar in the coming months.

During the final quarter of 2013, the average price of property saw a 3.1 per cent increase when compared to figures from the same quarter in 2012. The mean value of a property in Scotland now stands at £159,670.

East Lothian was the area which saw the greatest increase in prices, seeing a 14.9 per cent rise when comparing quarter four 2013 with the same period in 2012. Property prices now stand at an average of £209,566 in this area.

Elsewhere, East Renfrewshire saw the highest average value of property, with homes coming in at £222,906
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However, the picture isn’t quite as rosy for all areas in the country, with Inverclyde experiencing an 8.7 per cent drop in property values to £116,085.

Edinburgh continues to be the largest market for property, experiencing sales of £633 million during quarter four 2013 alone. This suggests a thriving market in the area, which could be prime for buy-to-let landlords.

Alasdair Mackenzie, head of residential sales at CKD Galbraith in Edinburgh, said the firm believes more property business will be seen during spring this year.

“The market is beginning to show some very encouraging signs with many prospective buyers looking to gain from viewing even earlier than usual,” he added.

“The Edinburgh market in particular saw a dramatic improvement throughout 2013. Viewings in the Edinburgh area were up 48 per cent on the previous year, with 37 per cent of properties sold to buyers from outside Edinburgh.”

Mr Mackenzie noted an increase in buyers from overseas and the south of the UK looking to invest in property in the capital of Scotland.

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