According to data released by the government, the country’s new property hotspot is the Outer Hebrides, as property prices on the Western Isles soar.
Property prices in London are beginning to fall slightly, with an average home in Kensington and Chelsea costing around £1.3m. House prices have increased by 31.5% in the Western Isles, compared to a UK average of 8.3%.
The worst performing house prices are also in Scotland, where the price of an average home fell by 7% in Aberdeen, during the year ending 31st July 2016. Although property in the Outer Hebrides is rapidly increasing, it is still much cheaper than the UK. An average house in the Western Isles costs £114,625, while the average price for a house in the UK is £216,750. The total population on the 15 islands amounts to 27,400. The main industries on the islands include fishing and tourism.
The data was included in the most recent official house price index, produced by the Land Registry and the Office for National Statistics. In July this year, the report reveals that the average house increased by £900, making it worth £16,600 more than last year. The report added that although prices in the UK had fallen slightly, the property market was still performing well. While the Western Isles had seen the largest increase, other areas in the UK had also performed well.
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