For the first time ever, the average price of a house in Scotland has broken the £200,000 mark, with the latest Scottish House Price Index compiled by Walker Fraser Steele Chartered Accountants revealing that the average property price at the end of December was £202,170, Mortgage Introducer reported.
This means that property prices hit record levels in 22 local authority areas in Scotland, with values climbing by an average of 2.3 per cent during December last year.
Business development manager at the firm Alan Penman commented: “This new record follows a year of extraordinary growth in the Scottish market - the average price increased by over eight per cent during the last year and 11 per cent over the last two years.”
Although Scotland has its Land and Buildings Transaction Tax (LBTT) instead of stamp duty, the threshold for this tax was increased, as it was in England. This played a part in the significant uptick in activity noted in the Scottish property sector in the second half of last year, the news provider added.
Meanwhile, The Gazette recently shared the latest figures from the Office for National Statistics, which revealed that Edinburgh is the most expensive place in the country to buy a home, with average property prices here coming in at £288,899.
The newspaper also noted that several regions of Scotland reported double-digit percentage increases in property prices in 2020, including the Shetland Islands where the cost of buying a home jumped by 19.9 per cent last year.
If you’re wondering how much your property in Edinburgh is worth at present, contact us for a property valuation in Edinburgh today.