Post lockdown attitudes towards working life and a limited number of available houses have seen the Scottish property market grow significantly in the last 12 months. The annual rate of growth seems to show no signs of slowing which is good news for people selling their property in Scotland.
But what exactly does this mean for house prices in Scotland, and are they rising throughout the entire country? Read on to find out more about the house prices in Scotland to help you decide your next move.
And if you’re looking to sell your house fast in Scotland, contact us today.
Scotland house prices by area
The price of a property being sold in Scotland averaged £180,485 in 2021 according to the UK House Price Index. This was an increase of 11.2% compared with the previous year.
Although low numbers of sales in some areas including Orkney Island, and the Shetland Islands can lead to volatile average prices, the market was favourable for most areas of Scotland.
The type and availability can influence prices within any period. Aberdeenshire saw price increases of 9.1% from December 2020 to December 2021, yet remarkably, this was one of the lowest increases for average house prices in Scotland.
The City of Edinburgh saw prices increase from £284,773 to £312,459 (an average increase of 9.7%) between 2020 and 2021. Meanwhile, the city of Glasgow saw prices increase from an average of £150,447 to £165,182 (an increase of 9.8%) in the same time frame.
In East Lothian, prices increased between 2020 and 2021 by 14.4% to £288,058 in what was one of the biggest increases in the country, but this was not as big an increase as that of property in Fife. At a new average in 2021 of £166,836, Fife’s average property price increased by 16% in one year.
One of the most affordable areas to buy a house in Scotland is in North Lanarkshire. Properties averaged just £114,710 in 2020, but an increase of 12.1% saw this increase to £128,597, showing significant growth in the area.
In December 2021, properties in Edinburgh commanded the highest average property prices in Scotland at £312,000. Those working with a smaller budget will find their money goes further elsewhere; the cheapest property prices in Scotland were in East Ayrshire, where properties cost an average of £121,000. Therefore, Edinburgh is far more suitable for people with a larger budget.
Scotland house prices by property type
The average house prices in Scotland vary greatly depending on the property, yet all types saw an increase between 2020 and 2021. The biggest price increase was for detached properties, which went from £283,118 to £330,461 in 12 months (an increase of 16.7%) – well above the average property selling prices in Scotland which had an 11.2% increase.
This was followed by semi-detached properties which were up 13% to £191,695 on average across the country. Terraced houses were above 150k, rising 12% to an average of £152,657.
First-time buyers or those looking for a city centre property will find that flats now command £122,189, an annual increase of 5.9%.
Despite the increase in average house prices in Scotland, the average sales volumes decreased compared to the previous 12 months. By October 2020, there were 12,974 properties sold. Yet, in October 2021, statistics showed that there were 10,228 properties sold.
Still, both were up on the 9,456 properties sold by October 2019.
Are house prices rising in Scotland?
Compared to the start of the pandemic, average property prices in Scotland have risen by an average of 14% since February 2020. This has been accredited to the search for extra space, where buyers seek a move from urban areas. The change in lifestyles has been credited to the increase of home workers, where more room is desirable.
Another reason why house prices in Scotland are forecast to rise is because of the limited number of houses available and high demand. The cost of living is likely to influence stretched incomes, so house price growth may ease.
It is important for house buyers to not stretch themselves because of the increase in the cost of living, but property sale prices in Scotland saw record highs, making it an attractive place to buy.
House prices across the UK as a whole increased by over 10% in 2021, and Scotland was a major driver in this figure.
The Office for National Statistics (ONS) advised that the average price of a house in the UK was £271,000, which is £25,000 higher than the year before. Average prices in Scotland are far more affordable, yet rising at a faster rate. By November 2021, they rose by 11.4% to an average of £183,000.
However, throughout the early months of 2022, inflation has increased to its highest level in almost 30 years, making the living costs within many households challenging.
How do I find the value of my house in Scotland?
The growing market in Scotland means there is plenty of value to be found. The annual rate of house growth was 11.2% from December 202 to December 2021. This is a trend that has been seen across the UK as a whole, as prices are increasing at their fastest month by month since 2007.
One way you can get a valuation for your house in Scotland is by contacting a cash house buyer like WeBuyAnyHome. Once you fill in our valuation form, you can find out how much you can receive your property in cash from our company.
Another way you can find the value of your house in Scotland is by using the Land Registry website. This is a good way of telling the value of your property so you can consider your next move. This can give you a home valuation for a mortgage or insurance, or help you find out how much you need to save to purchase a particular home.
Furthermore, you should look for similar properties in your area that sold in the last few months. These should be similar in terms of size, location, age, and style. The average price of these properties can give you an indication of the value of your home.
Consider a few factors that may add value to your property such as:
- Curb appeal
- Architectural style
- Number of rooms
- Proximity to local amenities and transport
- The market itself
The best way to find the value of your house in Scotland is to speak with experts like WeBuyAnyHome. That way, you can command the best price possible.
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