2015 - Time to Reflect

by ESPC

12 December 2015

2015 has been quite a year for SPC Scotland, so we take a look back and reflect on our achievements so far and review the year's housing market activity.

With 2015's final house price reports due to be released in early January, it already seems clear that the Scottish property market has finally recovered from a seven-year economic downturn. The average property price across Scotland stood at a healthy £169,397 in the period between July and September this year.

SPC Scotland members, covering the property market across the country, regularly publish house price data, and one unifying theme is that we've seen a clear improvement in market conditions this year.

TSPC reported a 12% surge in sales in Tayside during the third quarter of 2015 compared to the previous year, while PSPC declared this summer they have seen the highest number of sales in Perthshire in recent years.

Over in the west, GSPC member firms have seen prices remain steady and homes selling faster as buyers snap up available properties.

Properties are also selling faster in Perthshire, with PSPC recently announcing that their local market has 'turned a corner'. TSPC reported an average price rise of 4% and 4.6% respectively for bungalows and flats in Tayside, when compared with 2014.

We've seen that properties in the west of Scotland, covering Glasgow and surrounds, typically spent 14 days less on the market in the third quarter of 2015 than they were during the same period last year. Meanwhile sales levels across east central Scotland experienced a 15% year-on-year jump between August and October 2015.

The overall analysis across the board suggests this is a good time to place your home on the market. ESPC reported that 72% of new registrations with its solicitors are being advertised as 'offers over', which means that solicitors have confidence that the property will meet, or exceed, its Home Report valuation.

Recent data released by Registers of Scotland has also backed up this new found confidence in the Scottish property market, with figures showing an increase of 6.5% in sales volumes compared to the same period in 2014. They also reported a 23% rise in sales throughout West Lothian, and with Edinburgh alone recording just over 3,500 property sales between July and September. During these months, sales levels in Aberdeen declined by 13.5 per cent, though other reports suggest house prices in the north east have only fallen slightly in the last year.

The most notable statistic from the Registers of Scotland report was that property sales across Scotland between July and September 2015 were worth £4.74 billion. That's the highest level recorded since the April to June 2008 period, just before the economic downturn.

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