Scottish House Prices
Scotland, which had previously resisted the UK downturn, is set for its first average fall in property prices announced by lenders Nationwide and Halifax from their mortgages figures.
For an example, there are 50% more properties for sale in Edinburgh which has driven prices down by 10%. Many properties are now fixed price, while ‘offers over’ properties are only fetching 10% over asking price. This is of course after the boom in Edinburgh property prices after the completition of the Scottish Parliamant in 2000, causing prices in many areas to double or treble.
House prices in Scotland had previously risen while south of the border prices stagnated and dropped month on month by a few percentage points.
The Single Home Reports Scheme which was introduced only north of the border, has seen the expenses of sellers rise and made more sellers think twice about moving.
Location and age of property should be taken into account more than ever when considering buying property, houses in ever popular areas is still a great investment while you may need to re-consider holiday homes, new build flats with inflated price tags etc