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Regional Property Market Update Summer 2021: Scotland

Regional Property Market Update Summer 2021: Scotland

News & Legislation GPEA 24th June 2021

2021 is set to be one of the busiest sales years in over a decade

Agents report the sales to stock ratio in Scotland is at a record high (RICS). Across Scotland the annual rate of housing stock turnover is 4.8%, the strongest of any region of the UK. The most active markets are currently Midlothian and East Lothian.

 

Scotland annual rate of price change regional property market report stats

 

Price growth strengthens

Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.

Year-on-year price growth across Scotland is substantially stronger than the 0.7% recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in twelve local areas across the country.

 

Scotland annual rate of price change regional property market report statistics

 

A seller’s market

Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in Scotland is 27 days. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.

 

VIEW THE FULL SCOTLAND REGIONAL PROPERTY MARKET REPORT

 

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