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Best month for Scottish house prices since ‘07

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Scottish house prices rose at their fastest rate since the onset of the financial crisis, market data has shown.

Research into property prices in Scotland by Your Move showed the average property increased by £2,900 during February.

The firm said this rise was the biggest month-on-month increase since the pre-crash boom years.

Following the strongest annual growth for five years, the average property in the nation is now worth £169,742. This is the highest price the firm has ever recorded.

Aberdeen, Edinburgh, East Lothian and Angus are areas highlighted as performing particularly strongly, with each setting a new price record during the month.

February also saw an increase in the number of million-pound property sales, likely to be from people looking to complete a deal before the introduction of new transaction tax.

Overall home sales were up 14% month-on-month but remain 4% below the same point in 2014.

Christine Campbell, regional managing director of Your Move, said: “The Scottish market certainly has a spring in its step. February’s vigorous 1.7% (£2,846) leap represents the highest monthly jump we’ve witnessed since June 2007, at the height of the housing boom.

“To put this into context, over the same period, house prices in England and Wales rose just 0.4%. Stirling experienced the fastest increase in property values across Scotland during February, with house prices soaring 5.3%.

“The impressive rise in house prices in February has been influenced by the introduction of the new Land and Buildings Transaction Tax (LBTT) in April, as high-end buyers sought to complete expensive purchases under the old stamp duty rates.

“Fifteen properties priced at £1million or more were sold in Scotland during the month of February, compared to just 6 the previous month. Tactical tax considerations have helped foster price growth in the Scottish housing market, and are likely to play a significant role in the months to come too.”

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