Edinburgh is one of the main beneficiaries of a sharp spike in activity following the General Election with more than 10,000 properties changing hands across Scotland in December, according to a new report.
The average price of a property in the city is now £265,905, second only to East Lothian which, at £2000 higher, has the most valuable properties in the country.
Sales rose in 25 of Scotland’s 32 local authority areas in December, with £1.9billion worth of property purchased in the post-election surge.
The total value of sales throughout the year was £18.7billion, some £550million more than in 2018.
Struan Douglas, Director of Purdie & Co, said buyers had signalled their confidence in the housing market, assisted by an end to Brexit uncertainty and the election of a majority government.
He said: “The property market in Scotland has held up surprisingly well given recent turmoil over Brexit but the election result has brought a fresh wave of confidence.
“Scottish voters may not have contributed to the Conservatives’ success at Westminster, but the market north of the border will, nonetheless, benefit from the stability of a majority government.”
He added: “We have not experienced a better period for property sales since before the 2007 credit crunch and all the signs are that this trend will continue.”
Half of mortgaged property purchases in Scotland last year were for first time buyers, according to the Property Monitor report, and up to 6,000 more are expected to access the First Home Fund, launched by the Scottish Government, in the coming year.
Those using the shared equity scheme benefit by up to £25,000 towards the cost of a home and it is forecast to be a driving force in the market this year.
East Dunbartonshire recorded the largest price rise during Q3 of 2019 and is now the country’s third most valuable properties, with an average sale price of £263,291.
To have your home valued free, call Purdie & Co on 0131 346 7240 or visit www.purdiesolicitors.co.uk