by E.J. Andrew
At the end of last week it was revealed by Registers of Scotland that house prices have increased in the last quarter. The release showed that the average price of residential households in Scotland has fluctuated by just over 6% between July and September to nearly £155,000, indicating that the “burst bubble” of house prices in 2007 is starting to recover for Scottish home owners.
Though the figures show a general increase in prices, these hide the fact that the actual rate of price increase has fallen by 3% when compared to the same period of last year. Sheengah Adams from Registers of Scotland has said that the increases “show signs of improvement”. This is a very positive statement considering that the Registers of Scotland hold a record of every housing transaction made in Scotland. Ms. Adams went on to say that “despite the positives, we have seen a drop of 5000 purchases of houses compared to last year.” so the market may not have fully recovered yet, though this drop may be due to the rising rate of unemployment that Scotland has seen recently.
According to one Glasgow city centre estate agent Maureen McGinley: “Prices have become much more settled in the last year and nothing is overpriced.” She went on to say that this “seems to have instilled confidence in the market.” Things appear to be looking up for the city of Glasgow and both buyers and sellers in the area. “New builds are sold at a premium so there wont be a return on them” said Mrs. McGinley “we are currently selling three times as many houses as we were in 2008.”