Scottish House Prices Hit New High in January, Latest Index Shows
March 24, 2015
The average price of a house in Scotland increased by 1 per cent to reach a new high in January 2015, according to the latest figures on the subject.
With the typical cost of making a property purchase in Scotland having reached £166,771, experts are suggesting that the worst of the nationwide property market slump of recent years may now be in the past.
The previous peak for house prices in Scotland was recorded in May 2008, since which time the UK economy and its housing markets have been faced with very significant challenges and a real struggle for growth of any kind.
However, with house prices in Scotland having risen overall by 4.5 per cent in the 12 months since January 2014, there is now growing optimism about the prospects for consumers and homeowners around the country.
“As we entered the New Year, we also moved into a new chapter of Scotland’s housing recovery. Thousands of homeowners are finally able to turn their backs on the housing crash, as Scottish house prices break cover from under the clouds of the recession,” said Christine Campbell from Your Move, the company behind the latest figures on Scotland’s house prices.
“As of January 2015, the average home in Scotland is now worth £1,238 more than at the peak of the housing boom in May 2008,” she added.
The Your Move figures turned up some interesting findings in relation to specific parts of Scotland, with the housing market in the city of Dundee apparently the most vibrant in the country in recent months. According to the most recent index, the average price of a house in Dundee increased by as much as 6.7 per cent over the course of January alone.
New peaks for house prices were also recorded at the end of January 2015 in Fife and West Lothian, while the costs of buying properties in Aberdeenshire and the Shetland Islands is already higher than it has ever been before, according to Your Move.
“Prices are certainly making sweeping progress across the board but there are some particularly strong players,” Campbell noted.
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