Recent research from the Aberdein Considine’s Property Monitor report illustrates that the average price for Scottish properties sold for a record £169,450 during the second quarter of this year (April-June 2018), a 4.7% increase during the same time last year and a grand total of £175 higher than the previous record set in the third quarter of 2017.
The value of properties soared in all of Scotland’s main cities with the exception of Aberdeen with the majority of 27 out of the country’s 32 local authorities reporting increases in property value. Edinburgh is the most expensive place to purchase a home with an average price tag of £260,706, overtaking the East Renfrewshire council area in Glasgow which topped the table for a full year prior. It is believed that this escalation in property value is a result of a summer market heatwave inflated prices across the country.
In Lothian, the market value rose from £834m to just over £1billion – a quarter of the sales in all Scotland. Glasgow saw a 3.9% rise to £154,520 and Dundee a 7% increase to £140,849 following the opening of the V&A Museum.
However, the research data suggests that it is not all good news despite the record high prices. More than three quarters (77%) of those surveyed said they had no intention of moving home, a rise of 43% from the first quarter. Likewise, only 6% are considering to move within the next year, which could be a sign of fears of Brexit impacting the market according to Jacqueline Law, managing partner at Aberdein Considine.
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