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Scottish house price growth continues to outdo the UK average

If you’re a property seller in Scotland, prepare yourself for some good news. A new report has revealed that house prices north of the border increased by 6.2% in the year to February, once again outstripping the UK average.

The average price of a property in Scotland in February 2018, according to official house sales data, stood at £144,377, up from £136,011 in February 2017.

Meanwhile, the average cost of a home for the UK as a whole was £225,047, up by only 4.4% on the previous year.

Increases in average prices were witnessed in all but four of Scotland’s 32 local authorities in February 2018 (compared to where prices stood 12 months ago), with February’s price rise continuing the upward trend recorded in recent years.

As we’ve pointed out before, the recovery of Aberdeen’s property market is well in motion after a difficult couple of years and prices are on the up in Dundee, with the value of an average house motoring by nearly £20,000 between October and December 2017.

The latest figures, contained in the UK House Price Index (UK HPI), found that prices went up across Scotland for all property types in February when compared with the same month last year. The biggest rise was seen for terraced properties – usually popular among family buyers – with prices up by 7.1% to £119,109.

The cost of an average first-time buyer home also went up in February 2018, to £116,406 – a rise of 6.2% compared to the same month in 2017.

 

Why is now a good time to sell?

Spring is typically the season when activity in the housing market ramps up, with buyers and sellers both taking advantage of the longer days and better weather to push through transactions.

As a seller, you can use the increased number of daylight hours to conduct more viewings and multiply the number of eyes on your home. With the rising temperatures, buyers are more encouraged to get out and about viewing homes and are also likely to want to move when the weather is more favourable.

What’s more, your home is likely to look more appealing in the spring months than in the winter ones, with more sunshine enabling you to quite literally shine a light on your home’s best attributes.

You will also want the images of your home – whether they appear in online adverts, leaflets or the windows of your agent’s office – to reflect the season. After all, there is little use in advertising your home with a picture of a living room with a fire roaring when spring hits. Work with your estate agent to bring your marketing material up-to-date.

Post-Christmas and Easter and before the summer holidays hit is a great time to capture the attention of would-be buyers, many of whom will be eager to be in their new abode before said holidays appear. Use this to your advantage.

The first-time buyer marketplace is also booming, with this demographic particularly keen to push through transactions in a timely manner to ensure they finally take their first steps on the property ladder. If you are targeting your home towards this demographic, use this enthusiasm to your benefit.

 

Why is now a good time to sell in Dundee and Aberdeen?

For one, Scottish prices are currently on an upward curve and it’s always best to strike while the iron is hot.

Secondly, demand for homes in both these locations is high and consistent. In Aberdeen’s case, the city draws people from far and wide to work in one of the oil capitals of the world, with employment opportunities a major factor for prospective buyers.

In Dundee’s case, the regeneration of the city is not going unnoticed and many people are keen to move to a key part of Scotland that is currently thriving. It’s Scotland’s fourth biggest city and has a fine history and heritage, but it’s also true that it was in the post-industrial doldrums not so long ago. That, however, is no longer the case, and the investment being pumped into the city is attracting all sorts of buyers – from first-time purchasers to second-steppers and property investors.

Here, prices are on the rise (and have been for some time) while in Aberdeen things are slowly but surely improving, with transactions and prices both up in recent times. With the oil industry now more stable again, it’s hoped this improvement can be sustained, helped by increased buyer confidence and a number of key infrastructure projects in the city.

At The Chamber Practice we offer a one-stop shop for property sellers, offering both estate agency and legal (conveyancing) services in-house at our Aberdeen and Dundee offices. 

We can sell your home for a fixed fee of £595 plus VAT. What’s more, we provide instant online valuations to give you an idea of how much your home could be worth in the current marketplace.

For more information about what we do, please contact us at one of our branches. 

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