Mortgages  

House prices rise steadily in Scotland

Latest house price index data published by LSL Property Services show that house prices in Scotland have risen £1,368 since October 2012 to an average of £144,084.

The research shows that, despite a house prices dipping 0.1 per cent over the last month, there has been a gradual positive annual change of 1 per cent.

The data show in particular that the average house price in Aberdeenshire has jumped by 3.1 per cent over the past year to a record of £204,134, while Glasgow also saw a house price increase of 1.9 per cent.

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Richard Sexton, director of e.surv chartered surveyors, part of LSL Property Services, said the figures showed that the Scottish housing market is being “restored to health”.

He added: “Sales are substantially better and prices are entering a period of prosperity, fuelled by rising consumer confidence and demand. October is the second consecutive month in which the annual change in prices has been positive, a trend that has not been visible since early 2011.

“With the easing of mortgage lending conditions, first-time buyers are having a much easier ride. There is now a better range of competitively priced products with lower deposit requirements, thanks in part to the backing from the government’s schemes. So far 2013 is seeing the greatest amount of sales recorded over the last five years. Record low interest rates have sent the market into another realm.”

He also pointed out that sales have shot up by nearly a quarter from August to October this year compared to the same period last year.