Scottish Market Still Strong even after DIP

Average house prices across Scotland have fallen very slightly.

The latest data from LSL Property Services, looking at August deals, shows that average prices across the country dipped 0.2 per cent, with price reductions in more than 50 per cent of postcodes.

Sales in August were eight per cent below the typical seasonal trend, with local agents claiming this was down to uncertainty caused by the independence referendum last month.

This trend of uncertainty appears more acute at the top tiers of the market; there was an 11 per cent drop in the number of homes sold across Scotland for over £1m between July and August. Even so, the month was the strongest August for sales at all market levels since 2007.

In the first eight months of the year, there have been 60,000 properties sold in Scotland, up 17 per cent on the same period in 2013.

The typical Scottish home is worth £9,000 more than a year ago and prices are 5.7 per cent higher.

Renfrewshire has seen 17 per cent rises in the past year, with double-digit increases recorded also on the Orkney Islands and in Aberdeen.

These figures analyse transactions which took place before the announcement about Scotland’s Land and Buildings Transaction Tax.