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Prices and Sales Are Up in Scotland

Posted by Aliza Xandria Arellano on Dec 17, 2015 01:02 PM EST
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EDINBURGH, UNITED KINGDOM - SEPTEMBER 21: An Aerial view of Edinburgh Castle in the city of Edinburgh on September 21, 2012, in Edinburgh, Scotland. (Photo : David Cannon/Getty Images)

Scotland is facing tremendous change in its real estate sector. There are change in both prices and sales all across the region of Scotland. Also, according to the latest data released by Your Move as cited by PropertyWire, "East Lothian saw biggest boost as new homes developments have pushed prices up 6.3 percent since September while West Lothian saw the biggest jump in home sales of any area in Scotland, with third quarter sales up 23 percent on the same period last year."

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The index further showed changes in prices and values to £168,843. Moreover, Christine Campbell, Your Move Managing Director in Scotland, said, "The average property prices in Scotland increased by £1,600 in October, and it is twice the £761 rise reported in September, as sales of million-pound homes start again."

Campbell added on to say that the growth signified that the region saw the largest month-on-month rise in property values since the introduction of the Land and Buildings Transaction Tax (LBTT) in April as well as the fourth biggest monthly jump since the August 2007, which is at the height of the housing boom."

Meanwhile, one specific region that had experienced the strongest sales activity is the seaside town of North Berwick. This region is near Edinburgh and it had recorded a total sale of three homes priced at over a million pounds. Moreover, completions on premium new homes also helped fuel the increase in local prices.

In addition, according to a report from Gaspark, "With the average cost of a flat in Scotland at £134,000, flat sales have jumped 8 percent in the third quarter of this year, compared to the same quarter in 2014 and the low interest rates have also fueled the rising of values."

The rise in prices and in sales does not signify that the real estate sector of Scotland is stable, but it points out the reality that the real estate industry is always volatile and changing. Also, it is important to note the factors that fueled the growth of these regions to aid in implementing strategies that would also be helpful in assisting other struggling real estate sectors all across the UK.

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