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SCOTLAND’S property market has soared to an 11-year high despite ongoing fears surrounding Brexit, new research indicates.

Property transactions worth more than £8 billion were recorded between January and June this year, the best for a six-month period since 2008, according to Aberdein Considine’s quarterly property monitor.

High sales in the second quarter, from April to June, have been credited with driving the trend.

A total of 25,806 sales concluded in these three months, up by almost1000 (4%) on the same period last year. The additional activity pushed the average price of a Scottish home up by 1.6% to £172,189, despite the market stalling elsewhere in the UK.

Jacqueline Law, managing partner at Aberdein Considine, said buyers have retained a “degree of confidence” amid political uncertainty.

“Buying a house is not something people do with tomorrow or next year in mind,” she said.

“It’s a considered decision which most purchasers take with a medium to long-term view – and these figures suggest people are looking beyond the current political and economic headwinds with a degree of confidence.”

Edinburgh remains the most expensive place to buy a home in Scotland, with the average cost being recorded at £264,943.

The capital is followed by East Lothian, where prices have risen by 15.2% to £260,399 – the largest increase in Scotland. East Dunbartonshire came in third at £250,017, up by 4.1%, with East Renfrewshire in fourth place with an average price of £244,902 – a 3.9% drop.

East Ayrshire recorded the lowest average price at £117,676, a 3.3% decrease, while the largest percentage decrease was in South Ayrshire, which fell by 8.4% to £146,984.

Law added: “The regions with the highest property prices – Edinburgh, East Lothian and Glasgow’s more affluent suburbs – have a common tie, which is a lack of homes for sale. Average sale prices in these areas are reflective of the high demand for what limited stock is coming to market.

“Regardless of what kind of deal – if any – the UK leaves the EU with on October 31st, many Scots are pressing ahead with purchase decisions in order to provide short to medium-term security.

“However, in many areas, there are simply not enough homes on the market to meet that demand, which in turn is driving up prices for the ones which do.

“We’ve seen a similar pattern in cities like Stirling and Perth over recent quarters, where prices are edging towards the £200,000-mark despite sales falling.”

By Tom Jarvis

Source: The National

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