Scottish property prices fell 0.1% in November, reversing October’s uplift in the wake of the referendum.
Scottish property prices fell 0.1% in November according to Your Move
Data from Your Move revealed a slowdown in annual growth to 4.3%, less than half the 10.6% yearly rise across England & Wales. Sales in November were up 6% annually but one-quarter of all activity was concentrated in Edinburgh and Glasgow. Prices in Midlothian saw the highest annual jump at 10%, following a 30% rise in local first-time buyer sales.
Christine Campbell, regional managing director of Your Move, said: “The Scottish property market is only just starting to recalibrate after the temporary disruption of the referendum.
“The immediate ‘feelgood’ factor following the vote led to an artificially upbeat October, but the dust is settling. Average house prices across Scotland dipped 0.1% (or £191) in November, as normal business resumes and familiar market trends reappear. Overall, property values fell in over half of Scotland’s local authority areas in November, and this has touched the brakes somewhat and forced a sharp 1.4% slowdown in the rate of annual house price inflation since October.”
Annual house price growth in Scotland, she pointed out, “is currently lagging well below the pace being set across England and Wales”. However, she pointed to a robust underlying upwards momentum. “Scottish property values have climbed a healthy 4.3% in the year to November, equal to £6750 on average,” said Ms Campbell. “In the last 12 months, fourth-fifths of the nation’s local authorities have witnessed increases in house values.
“Not only that, but the overwhelming majority of Scotland is experiencing annual property price growth in excess of inflation. The lion’s share of homeowners are enjoying ‘real’ tangible growth in the value of their home beyond the 1% Consumer Price Index rate of inflation.”