Sales remain brisk as demand continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi).
Midlothian, East Lothian and Renfrewshire are the most active housing markets in Scotland. At 6.1%, the average annual rate of housing stock turnover in Scotland is the highest of any country in the UK.
On the up
The average price of a property has increased significantly during the past year, many localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 2.5% in Scotland during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in Scotland is £26,100.
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties for sale in Scotland
Linlithgow, West Lothian, 5 bedrooms
Welcome to Pardovan Holdings, a quintessential development of two luxury detached homes. Offering exceptional views from every window, set in a beautiful semi-rural setting near Linlithgow, this home is ideal for 21st-century living.
Uphall, West Lothian, 2 bedrooms
This is a fabulous opportunity to acquire a stylish, immaculately presented south-facing two-bedroom traditional flat, set within the tranquil village of Uphall. This exceptionally impressive flat exudes an inviting and welcoming atmosphere and offers a characterful home with spacious accommodation. The property boasts a modern fitted kitchen, a bright and airy south-facing lounge, a double bedroom, a well proportioned bathroom and laundry room and a single bedroom. There is also a driveway and a well-stocked shared garden ground to the rear of the property.
Bo'ness, West Lothian, 4 bedrooms
This immaculate four-bedroom detached home offer copious amounts of space and two levels of versatile living, situated in a highly sought-after, leafy, residential cul-de-sac in Bo’ness. A large open-plan kitchen-diner is ideal for modern family living and a separate living room offers another place in which to relax and entertain. The property also enjoys gardens to the front and rear, and two patios in the rear garden create a courtyard feel, enclosed by timber fencing, while a large grass area is ideal for child's play.
As property prices continue to rise and the UK hits a record number of sales for autumn, sell your property with experts in the property industry this winter. Contact your local Guild Member today.