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.
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