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The latest UK House Price Index published by Registers of Scotland (www.ros.gov.uk) shows the average price of a property in Scotland in July 2017 was £149,185 – an increase of 4.8 percent on the previous year and 2.8 percent up compared to the previous month, while the UK average figure of £226,185 showed a 5 percent year-on-year increase but only a marginal rise on the previous month. In Scotland, sales volumes showed an annual increase of 13.7 percent from May 2016 to May this year, while England’s sales volume decreased 3.3 percent.
RoS business development and information director, Kenny Crawford, comments: “Average prices in Scotland continued their upward trend in July with the biggest percentage increase year-on-year since March 2015.”
RICS similarly reports demand remains strong for residential properties in Scotland, but highlights concerns the market is being restricted by the effect of LBTT, with professionals citing a significant impact on the £500,000-plus market. Hew Edgar, RICS Scotland’s policy manager, adds: “Whilst transactions at this level are still going through, buyer enquiries and sales instructions are flat-lining and this continues to be a concern of RICS professionals acting in this arena.”
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