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Property investment soars in Scotland

20th September 2012 | back to article listings BACK    print this article PRINT

The volume of houses being sold in Scotland shot up by as much as 21% in July as more first-time buyers helped to boost the total.

Figures from the latest LSL/Acad Scotland House Price Index also show that the average price of the properties being sold fell slightly during the same period between June and July to 145,622.

Sales to first-time buyers have soared by 9% so far in 2012, with the market north of the border "moving more freely" than in England, and regional managing director of estate agency chain Your Move Gordon Fowlis says the situation is improving.

"Life for first-time buyers in Scotland has improved markedly this year," he said.

"There have been 1,100 more loans to new buyers so far this year than in the equivalent period last year. This has helped push up activity throughout the whole market with July seeing 1,529 more sales than June."

The seasonally adjusted average house price in Scotland went down by 0.3% in July but 12 of the 32 local authority areas have experienced increases in property prices during the course of the year.

The largest rise was in Clackmannanshire, with a 19.3% surge taking the average cost to 141,704, but Edinburgh is still the most expensive area for property investment and prices have risen by 14,000 since July 2011 to an average of 224,754.

Copyright Press Association 2012

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