Christine Campbell, Regional Managing Director of Your Move, comments: “As we entered the New Year, we also moved into a new chapter of Scotland’s housing recovery. Thousands of homeowners are finally able to turn their backs on the housing crash, as Scottish house prices break cover from under the clouds of the recession. As of January 2015, the average home in Scotland is now worth £1,238 more than at the peak of the housing boom in May 2008, following hardy annual growth of 4.5% and an energetic boost on a monthly basis at the start of 2015. Property values jumped 1% in January, the most significant monthly upswing we’ve witnessed for seven months, taking the typical house price to a new record high of £166,771. The city of Dundee had the most energetic start to the year, with prices soaring 6.7% (equal to £8,161) during January 2015, in the largest month-on-month increase in Scotland.
“Prices are certainly making sweeping progress across the board, but there are some particularly strong players. In January, Fife and West Lothian joined the ranks of Aberdeenshire and the Shetland Islands and set a new peak house price, following strong annual growth of 9.5% and 10.9% respectively. However, North Ayrshire has experienced the biggest rise in house prices on the mainland over the last year, up 11.6% – with the typical price of a detached home growing from £180,000 to £210,000 in the past twelve months."