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Scottish house prices surge upwards

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16/07/2015
House prices in Scotland grew twice as fast as England and Wales in the last year.

Data from estate agency chain Your Move showed that prices grew by an average of 10.3% in the last 12 months – twice the rate of England and Wales.

The firm said tax and stamp duty changes had created an uneven housing market in 2015, but that prices were up 7.6% since the turn of the year – equivalent to a  £12,747 rise.

During March, prices soared by £16,000 as 84 properties worth £1 million or more were sold before the stamp duty switchover. However, sales of high value properties have fallen back following the changes.

Christine Campbell, Your Move managing director in Scotland, said this performance was even more impressive given the political upheaval in the nation.

“Two months into Scotland’s new transaction tax regime, and the impact of the overhaul is still reverberating around the property market,” she said.

“Meanwhile a sweeping political transformation in May – both in Scotland and the rest of the UK – was a fresh source of uncertainty for those considering the best time to move home.  These winds of change have buffeted buyers and sellers, and it’s harder to make out the underlying course of the market as a result.”

In Glasgow (pictured) house prices surpassed 2007 levels for the first time since the financial crisis, reaching a record of £146,286 after a period high demand.

However, not all areas are faring as well as the national average. House prices in Edinburgh have dropped 5.7% since April, while East Lothian saw an 11.2% monthly fall.

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