4th Quarter 2017 Market Review

Posted: 10th January 2018

UK average house price growth in 2017 was 2.6%. There were significant regional variations with London seeing prices actually reduce by 0.5%. However the figures for Scotland mirrored the national average with rise in average prices of 2.6%.

The Scottish Land Registry have yet to publish statistics for December 2017, but the volume of property sold in Scotland in November 2017 showed a marginal increase on the same month in 2016.

Whilst economic confidence and the impact of Brexit on the housing market remain uncertain, figures released by RICS, The Royal Institute of Chartered Surveyors, show a majority of its Scottish based surveyors believe both activity and prices will continue to increase over the next three months.

We believe this is under pinned by the continuing housing market fundamentals of lack of supply, strong demand and low interest rates, coupled with only modest increases in the volume of new house building. Latest figures available for the year to the end of March 2017 showed a 4% increase in the numbers of new builds started compared to the previous year.

Finally the recent rise in the threshold before stamp duty is payable for first time buyers from £145,000 to £175,000 can only have a positive impact on the housing market.

1st Quarter 2017 Market Review