25 Jul 2011
Prices for prime properties in Scotland increased three times faster than in the rest of the UK in June, according to property website PrimeLocation.com.
The website’s Prime Index tracks asking prices for the top quarter of the housing market by value and recorded a greater increase in Scotland than any month since May 2009, noting the average prime asking price rose to £402,754.
Asking prices continued to fall from August 2010 through to March of this year, but confidence in the housing market has been rising since prices in the prime housing market shot up by almost £20,000.
An increase in Scottish prime property asking prices of 2.7% is followed closest by south-west England, east England and north-east England, where a 1.1% rise was recorded in June. London properties accumulated an average of only 0.2% and an average 0.9% price rise was achieved for the whole of the UK prime housing market.
Nigel Lewis, property analyst at PrimeLocation.com, said: “Scotland’s prime market appears to be streets ahead of other UK regions this month, leaving traditionally high-growth regions such as London and the south-east behind.”
According to the website, Scotland is the fifth most expensive region in the UK for prime property, owing to the recent strong performance of increasing competition between buyers for its most desirable properties.
Mr Lewis said: “Asking prices in Scotland are approaching their highest levels in the history of our index.”
PrimeLocation.com, which lists more than 680,000 high-end homes in the UK, attributed the Scottish price rise to a shortage of available prime homes north of the Border, as the number of properties measured in the upper 25% coming on to the market appears to have levelled off.
Lloyd Reeves Property Solutions
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