In the latest market report there’s good news for those looking to sell – the average price of a property in Scotland in May this year rose by 2.8% on the previous year to reach £152,801.
That’s according to figures just released by the UK House Price Index (HPI).
The overall volume of residential sales in Scotland in March this year was 8,255 – an increase of 5% on the original provisional estimate for March 2019. This compares favourably with an increase of 0.7% in England and a decrease of 1.2% in Wales and 6.0% in Northern Ireland in the first quarter of 2019.
The cumulative sales volume in Scotland from April 2018 to March 2019 was 101,009 – the same as in the previous financial year.
Although these HPI figures are provisional – and likely to change as the year progresses – the latest analyses and expert predictions indicate this upwards trend looks set to continue throughout 2019.
While the market remains quiet compared to pre-recession sales figures, the steady growth marks an encouraging trend towards buoyancy that is predicted to continue.
For prospective sellers in Scotland this means this could be an opportune time to look at dipping a toe in the market.
All property types in Scotland showed an increase in average prices in May 2019 when compared with the same month last year. However, it was semi-detached houses that showed the largest increase, rising by 3.9% in the year to May 2019 to £160,000. The smallest increase of all property types was for flats and maisonettes, although these too enjoyed an increase of 1.4% in the year to May 2019 – up to £110,000.
This means, whether you want to sell a detached, semi-detached, terraced property or flat – and wherever you are in Scotland – the market is currently in your favour.
It remains to be seen whether the Scottish market, in particular, will continue to buck the trend and flourish – especially with Brexit uncertainty showing no signs of waning – but many economic analysts remain hopeful this is a sign of good things to come.
In fact, according to PwC’s latest UK Economic Outlook, Scottish homeowners can look forward to the average value of their properties being boosted by up to 14% over the next four years.
Their data, which assumes the whole of the UK will avoid a disruptive no-deal Brexit, shows the average value of a house in Scotland expected to grow by 1.7% in 2019, with price inflation rising to 2.4% in 2020 and reaching 4.7% through 2021 and 2022. This would see the average house price reach a very healthy £170,000.
As a side note, the PwC report also reveals Scotland is one of the most affordable parts of the UK for private rental.
Overall, the market analysis shows we’re entering a period where it could pay to look more closely at the opportunities available to both sellers and buyers.