Scottish property prices have reached their highest point in two years, according to the latest Your Move House Price Index for Scotland.
Prices in Scotland are currently at their highest point since the market reacted to the introduction of LBTT in 2015. However, despite this, monthly growth in March was negligible at just 0.1 per cent. This marks a contrast from a strong February in which prices were up by 1.1 per cent.
Annual growth in Scotland now stands at 1.8 per cent, down 2.9 per cent on February, marking the largest reduction in growth of all regions in England. However, growth is still exceeding that of Greater London, which stood at just 1.4 per cent.
Average house prices in Scotland have reached £173,335, with Edinburgh and Glasgow each recording strong growth, up 5.1 per cent and 8 per cent respectively. However, there were also falls of 4.1 per cent and 3.7 per cent in Fife and Aberdeenshire, demonstrating that prosperity was not felt right across the board in Scotland.
In terms of property transaction volume, figures were seen to be down slightly for the full year in 2016, which is 1 per cent lower than those recorded for 2015.
It is notable that neither the effects of the snap general election or the Scottish Parliament backing a second independence referendum will be reflected in these figures. Whilst the date for triggering Article 50 and formally beginning Brexit had been made known, any decisions to buy and sell would likely have been made far before this.
Your Move managing director in Scotland, Christine Campbell, said: ‘A slow down in growth doesn’t change the remarkable resilience of the Scottish housing market. Prices are now at their highest since the upset to the market caused by the introduction of the LBTT in 2015.’