0:04 AM, 22nd July 2024, About 2 years ago 1
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Scottish house prices defied economic headwinds to surge by an average of £6,868 last year, according to new figures.
An analysis by estate and lettings firm DJ Alexander, revealed a big jump in average property values between June 2023 and May this year.
It found that prices rose from £184,567 to £191,435, compared to a more modest increase of £4,215 in England and Wales.
The report also highlighted significant regional variations with Stirling recording the highest price rise at £24,666.
The city was followed by Edinburgh (£12,862), West Dunbartonshire (£12,507), Clackmannanshire (£10,454) and Argyll and Bute (£9,557).
However, the research shows that not all Scottish house prices grew – Aberdeen saw a price drop of £1,124, while Dumfries and Galloway experienced a small decline of £25.
The firm’s chief executive, David Alexander, said: “The Scottish housing market has remained remarkably resilient over the last few years.
“An increase of £6,868 equates to a 3.7% rise over a year at a time when interest rates remain high and amid continued concern over the sluggish performance of the economy.”
He added: “Despite all of these factors almost every part of Scotland recorded an increase in average prices with four areas recording a rise of over £10,000 during the twelve-month period.”
“Edinburgh and Glasgow and their surrounding areas remain popular with high demand resulting in rising prices.”
Mr Alexander says that with interest rates likely to fall in the coming months, employment remaining high, and utility costs falling that Scottish house prices will continue growing.
He said: “People are once more being drawn back to live and work in or near our major cities.
“The substantial increases in Argyll and Bute and Clackmannanshire indicate a bounce back from recent falls in value over the last few years.”
He continued: “These figures are remarkably positive and indicate a housing market that remains robust and buoyant particularly in comparison to our neighbours south of the border.”
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Member Since December 2023 - Comments: 1539
11:15 AM, 22nd July 2024, About 2 years ago
Soar is an odd choice of words for a rise of just 3,7% when inflation accounts for most of the change.
That said, the fact that prices aren’t crashing clearly shows that there’s a population crisis in the U.K.