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Scotland housing market shows signs of recovery

According to the official figures from the RoS (Registers of Scotland, the prices of Scotland properties increased slightly towards the end of 2010, despite the uncertain economic climate and a reduction in the number of sales.

Looking at the figures representing the last quarter of 2010, the average price of a property rose and is now £155,618 – an increase of 1.7% compared to the same period in 2009.

Beating Edinburgh, East Dunbartonshire saw increases of around 10.5% to have the highest prices in the country. However, Shetland outshone those figures as its house prices increase by over 20%.

Like many areas in the UK, the Scotland market did see a reduction as sales decreased by approximately 7% although experts predict the market is likely to stabilise this year.

The Marketing Head for GSPC, Mark Hordern, commented in an article for the Express:

“East Dunbartonshire has a high concentration of desirable properties and locations, notably Bearsden and Milngavie.

“Edinburgh, of course, has lots of equally prestigious areas, but it also has more deprived areas reflected in its overall figure.”

The figures from the RoS include any and all residential purchases/sales once a transaction has completed whether a mortgage was involved or not. However, this does mean there is a delay from offer to completion and so these figures may actually more accurately reflect the offers made last summer.

For those seeking to work as a mortgage advisor in Scotland, they need CeMAP training as with elsewhere in the UK. However, the law regarding property sales in Scotland is slightly different to that of England and Wales so it’s usually advised to complete the CeMAP training in Scotland or at least with a financial training provider whose CeMAP courses reflect the differences in the law.

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