Figures just released by Registers of Scotland indicate encouraging growth in Scotland’s housing market for Scotland as a whole and also our own local area of Perth & Kinross.
Although the average price of a house in Scotland has dropped 0.3% over the past twelve months to £153,102, this shows encouraging growth of 3.3% on the previous three months. In Perth & Kinross, prices have increased 4.1% over three months and 3.4% over the past year. The average house price in Perth & Kinross now sits at £171,892, substantially above the national average.
What will come as better news to sellers however, are the statistics relating to volume of sales. Across Scotland, sales grew by 8.1% over the year to the end of June 2013, with Perth & Kinross roughly matching this growth rate with sales increasing by 7.5%. The quarterly figures show a much larger increase in sales volumes, but this reflects the fact that the housing market is generally slower in the first three months of the year.
Our Property Manager, Jo MacArthur, said “The growth in volume of sales and the small increase in average sale price recorded by the Land Register for the local area certainly reflects our experience over the past year.
Whilst we are still operating in a very different market to that of the boom times which peaked in 2006 and 2007, the steady growth recorded in the year to 30 June 2013 will certainly come as encouraging news for sellers and those who have been putting off marketing their properties whilst waiting for market conditions to improve. Now is a great time for sellers to put their houses on the market because we find that many purchasers start thinking about buying a new house after the summer holiday period.”