Data released from the Registers of Scotland (RoS) suggest that the Scottish housing market has turned a corner, with a marked increase in housing transaction levels.
A sizeable pick-up in activity has been recorded, as the total transaction levels are 23% higher than last years figures. Scottish property prices have also demonstrated a steady but progressive growth, increasing by 1.5%. This stable increase in price levels, alongside the increase in activity of new–builds has kick-started has kick-started the housing market recovery in the area.
These statistics varied across the various local authorities, although the most important marker of housing performance revealed that the total value of all property sold in Scotland rose by 24%.
The Shetland Islands, located on the north-east of the island of Great Britain, witnessed the largest annual rise of total property sold, increasing by 42%. However, East Dunbartonshire, an area situated close to Glasgow, was the worst hit local authority with a drop of 5%.
Rettie & Co’s Director of Research, Dr. John Boyle, commented: “The sharp rise in activity is more than a blip as the fundamentals are now in place to ensure a full recovery, with improving economic activity levels, consumer sentiment, bank lending and new build activity helping to raise the market.”
“First time buyers are now returning to the market in larger numbers, which is a major factor behind getting the market moving at all levels.The Government’s stimulus of Help to Buy should see the figures improving again over next year and beyond,” he added.