LSL/ACADAMETRICS SCOTLAND HOUSE PRICE INDEX

 

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Scottish house sales at highest level for five years

 

  • Sales in July 27% higher than in June
  • First-time buyers account for the majority of increase in sales
  • Prices are up 0.3% in July – first increase in four months

 

House Price

Index

Monthly Change %

Annual Change %

£143,574

194.7

0.3

-1.1

 

Alan Penman, director of Walker Fraser Steele, the chartered surveyors who are part of LSL Property Services, comments:

 

“House prices haven’t been increasing in Scotland anything like as quickly as they have in England. But they did rise for the first time in four months in July, which could be the start of a prolonged period of house price increases. Sales have been increasing, and confidence is gradually seeping back in to the market. First-time buyer lending in Scotland was at its highest since 2007 in the second quarter of the year, which has driven sales up to their highest in five years. Sales are up 27% compared to June, and first-time buyers are accounting for a much higher proportion of sales than they have done previously. The improvement is down to a significant improvement in the availability of high loan-to-value mortgages. Banks are much more willing to extend an olive branch to borrowers with small deposits, which has opened the door to thousands of buyers who were previously locked out of the housing market.

 

“And the improvement looks like it should be long-lived. The economy is brightening by the day, and confidence is spreading quickly. Further growth in the market is expected to continue as new buyers are keen to enter the market and potential sellers will start to put their homes up for sale to benefit from rising prices. The surge in activity from the bottom end of the market has sparked a revival in the market. It’s up to the Scottish government to continue to help first time buyers as they are the key to healthy, long term recovery.”

 

 

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