Scottish Property Market: Spotlight on a Third-Highest Spike in UK Property Prices

Scotland’s property market has been the focus of attention, seeing one of the most substantial property price rises in the UK over the previous year. Halifax’s latest data states that Moray has leapt to third place out of over 70 locations where property rates have surged within the past year.

With a rich countryside comprising many golf courses and distilleries and part of the Cairngorms National Park, Moray saw local house prices surge by 10.7%. This increase was bested only by a seesaw in Powys, Wales, where rates climbed by 17.4%, and East Lindsey in the East Midlands, which saw a hike of 13.3%.

The statistics originated from the Halifax House Price Index, which reviews property prices across over 300 local authority areas in the UK. The comparison was conducted for three months, from September this year to the same timeframe in 2022.

Including Moray, Scotland boasts 10 local authority areas where house prices have inflated over the past 12 months. These include Renfrewshire (increasing 4.5%), Falkirk (3.5% hike), East Renfrewshire (staying steady at 3.3%), Fife (up by 2.5%), Midlothian (0.8% rise), Aberdeen (increasing 0.7%), East Ayrshire (up by 0.5%), Stirling (rise of 0.4%), and West Lothian (0.2% hike).

Following Halifax’s identifying Falkirk as Scotland’s sole town on its list of budding locations for first-time homebuyers, Moray emerges on top, recognised for its charming mix of coastal and rural properties. Recent findings revealed that nearly 61% of young adults yet to own a house would consider moving to another part of the country to secure a foothold in real estate. Scrambling to get on the property ladder, 44% of potential first-time buyers are exploring locations they had ruled out amidst the cost-of-living crisis.

Research conducted in October mapped Scotland as the UK’s strongest player in the prime housing market in Q3 and over the past year. Savills, who published this research, broadly defines the prime market as the top 5%-10% of homes by value, equating to around £500,000 and above in Scotland.

Scotland remained the prime housing market star, with prices dipping a mere 0.1% in Q3 and 1.1% lower YoY. These are considerably smaller falls than the 1.5% QoQ and 5.2% YoY declines in the general UK prime housing market.

Glasgow’s prime city market experienced the most potent growth of any other Scottish location this year, rising 0.5% in the nine months before September 2023.

This surge provided a reassuring cushion, with values remaining 10.5% above their pre-Covid level, reflecting the remarkable market conditions over the past two-plus years. As we have frequently mentioned, times remain challenging but possible, and with the proper pricing and marketing, properties are selling for good prices.

If you are buying or considering selling in West Lothian, do get in touch. We want to be at the heart of your move!

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