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Scotland's property market is on the rise and booming since lockdown

 
 

Scotland's property market is on the rise and booming since lockdown

Scotland's property market has been booming ever since the lockout began in March, according to DJ Alexander's UK property management company, Apropos.

From March to September (last month of official data), the average estimated house pricing in Scotland has increased by 6.8 percent, from £151,285 up to £161,510.

The next highest growth in England was 4.9%, Wales (0.9%) and followed by Northern Ireland at (1.6 percent).

"All people spent so much time on their property that they appreciated what they liked and the things they disliked about where their home was located."

He says that demands for work from home, along with the rising need for open spaces, have influenced many people to change their homes at the earliest opportunity. This has contributed to a rise in demand within a short span of time and is only expected to continue.

'While the rise in the LBTT threshold will play a part in these rises, prices increased before the implementation of this new tax in July and the delay in sales was likely only to have been advantageous in late summer.'

Prices represent the greater emphasis which people place on their homes, according to Alexander. Over the past six months supply is demand-driven, with a large rise in sales of properties.

For example, in Edinburgh, 49% more properties were available for sale than in 2019 in November.

"When people purchase a property before the LBTT threshold goes back to its original level I would expect that this will continue into the New Year, "Alexander continues.

"I agree that it would be wise to restore stamp duties in order to prevent a sudden decline in the revenues of Holyrood & Westminster to keep sales in spring and summer and prevent the market activity from falling unexpectedly."

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