Brexit yet to affect Scottish House Prices

Jessica Nangle

March 17, 2017

Average house prices in Scotland have risen by 1.5% to £171,407 according to Your Move’s Scotland House Price Index.

The index said Brexit has had little impact on house prices north of the border, with annual growth being 0.5% higher than the same time last year.

Annual house price inflation in Scotland trails every other region in Great Britain other than the North East, which at 1.5% is less than half of the 3.9% national average.

Warning signals from the commercial market

Christine Campbell, Your Move managing director in Scotland, said: “Relatively slow house price growth in Scotland is proving a blessing for first-time buyers.

“The early indications are that they’re using the opportunity to get on the ladder, helping to sustain transaction numbers.

“It will be interesting to see how talks of another Scottish referendum play out, and whether or not it has an impact on buyer and seller appetite to make a move now, or indeed, in the future.”

Angus was the only area to reach a new peak, with buyers switching from flats to detached properties and East Renfrewshire has seen average prices grow 8.9% in the last year to £248,735.

The biggest drop in property value was seen in North Ayrshire with a decline of 11.5%.

Alan Penman, business development manager for Walker Fraser Steele, added: “The fortunes of Scotland’s premium areas highlight a striking contrast to elsewhere in Britain.

“Interest rate cuts last summer reinvigorated top-end sales, and higher priced areas continue to drive price growth.”

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