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Scottish housing market hits highest levels since 2008

Following a surge of sale transactions in the northeast and East Lothian, the Scottish housing market had collective sales of £3.4 billion during January-March 2019; the highest figure recorded since the credit crunch in 2008, according to Aberdein Considine’s Property Monitor report.

Property sales were up by £80 million; 2.3 per cent above last year, and seven per cent (£225 million) more than in 2016.

Nearly 19,500 homes sold in first quarter of 2019

In Scotland, a total of 19,491 homes were sold in the first three months of this year; a rise of 2.8 per cent year-on-year. It has been claimed this is due to significant growth in Aberdeen, Aberdeenshire and East Lothian, despite predictions that uncertainty surrounding Brexit would slow down the market.

The average cost of a property is 8.6 per cent higher than the same period in 2016, at £166,334. Despite this, price growth has slowed in Scotland to just 0.2 per cent year on year.

While the capital remains the most expensive place to buy a home in Scotland – with an average price of £258,822 – Edinburgh recorded falling prices so far this year. Prices also fell in Glasgow by 1.7 per cent this year to an average of £152,079 and fell in Aberdeen and Aberdeenshire.

Meanwhile, East Lothian recorded a significant 38 per cent increase (or £30 million) in the value of homes sold, up to £109,039,078. West Lothian also experienced a 12 per cent rise in the number of properties sold, with the cost of property rising 19 per cent to £111,392,371.

Contact our Property Lawyers Glasgow, Scotland

If you are considering buying or selling your home, our property law solicitors having decades of conveyancing experience and can provide you with expert legal advice to ensure the transaction goes as smoothly as possible. Contact our qualified team today via the online enquiry form

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