February 2014 Scottish House Price Index
Help to buy drives Scottish housing recovery further in February
• Average prices climb £5,584 in last twelve months
• All seven cities in Scotland see house price growth over the past year
• Prices in Aberdeen climb 12% since February 2013
• Inverclyde tops table for both sales and price rises
Commentary on the Index:
Gordon Fowlis, Regional Managing Director of Your Move, an estate agency chain that is part of LSL, comments: “Help to Buy has been the spark driving the engine of recovery for the Scottish housing market. Since launching at the tail end of 2013, the scheme has helped thousands get a foot on the ladder. With sustained growth taking hold, there are now signs that the independence debate is less likely to rock the housing recovery boat. However, there’s still some uncertainty surrounding the ramifications of an independent Scotland for the banking sector. The potential fiscal impact may be felt in mortgage accessibility and employment stability, which in turn could have a knock-on effect on housing.
“Over the past year we’ve witnessed average prices climb by over £5,500, with Inverclyde seeing the greatest annual growth of all, at 16% – with the region clearly benefitting from its close proximity to Glasgow. In a sign of the widespread revival, all seven Scottish cities have also seen price rises from last year. This urban renaissance is being driven by first-time buyers benefitting from Help to Buy, typically taking the plunge in vibrant cities. Aberdeen in particular has seen the average house price climb by 12% over the past twelve months – it has its own micro-economy. The same trend is being seen across metropolitan areas in England, with places like Manchester also seeing positive growth.