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House prices inch up in Scotland

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Average property prices North of the border crept up last month, but are still slightly down over the year
House prices inch up in Scotland

Average prices in Scotland rose by 0.9% in May, continuing their long recovery since last June, according to Your Move.

The estate agent said that prices recovered from a blip in April to reach an average £172,119, but are still slightly down on last May (£180,439).

However these figures do not reflect the current market since they don’t show the impact that June’s vote to leave the EU will have on the housing market. Given the time between purchase decisions and completions, reaction to the vote may only begin to become clear after the summer.

Twin peaks

Two local authority areas set new peaks for average prices in May: West Lothian, which built on last month’s record level to reach £167,064; and Angus where the average price of £156,009 surpassed its previous high of £155,481.

The area on the mainland with the largest increase in prices in May was Glasgow City, with just under a £7,000 (5.3%) increase in the month to reach £139,194, bolstered by a £1.6 million sale. The biggest monthly fall on the mainland was see in Midlothian at -5.8%.

Christine Campbell, Your Move managing director in Scotland, said: “The Scottish market is starting to get back to some sense of normality, yet with Brexit, there could be some changes ahead. The next few months are going to be interesting, but thus far the sentiment is very much business as usual, with the market remaining buoyant.”

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