Regional Property Market Update Autumn 2021: Scotland
Price growth strong across all regions
Annual property price growth in Scotland is significantly stronger than a year ago, as the shortage of property to buy continues to support prices. Properties here are selling in just 23 days, the quickest of any region of the UK (Rightmove).
Double-digit property price growth is evident in 17 areas of Scotland. Shetland Islands and Orkney Islands are currently the strongest performing areas, albeit with a lower sample size.
Surge in sales
It is estimated 880,000 property sales took place across the UK in the first six months of 2021, the highest half year total ever recorded and 50% higher than the same period in 2019 (HMRC). It is anticipated sales will top 1.5 million over the course of the year. Buyers have been spurred on by a desire for change and financial savings as a result of taxation ‘holidays’, with over 60% paying no tax on their purchase.
In Scotland, the most active housing markets over the past year have been in Midlothian and East Lothian.
Space to be
The search for space continues to drive many buying decisions. As businesses adopt more flexible ways of working, blended working patterns are set to become the norm for many, and personal wellbeing has shot up the agenda. The local environment, gardens, greater internal square footage and a demarcated space to work from home, all continue to be deemed more important property features in a new home.
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