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Scotland vs. England: The results are in...

A new report from Knight Frank has revealed the UK’s real estate champion…

And according to the report, it’s no contest: Scotland wins hands down.  The report revealed the following:

• In 2007 the Scottish housing market outperformed all other UK regions, recording a capital growth rate of 13%.
  
  
• New homes built in Scotland experienced a growth rate of 19.9% over the course of last year.
  
  
• Knight Frank forecasts that Scotland will witness house prices grow in value by 1% in 2008 against an average fall of -3% across the rest of the UK

Liam Bailey, Head of Residential Research at Knight Frank comments: “Scotland‘s housing market is proving remarkably robust in the face of the turbulent market conditions affecting the wider UK market.

“Analysis published in our latest research on the state of the Scottish residential development market (Steadfast Scotland) shows that house prices across the country grew by 13% in 2007, a rate well in excess of the UK average of a little over 5%.

“Our research shows that these figures disguise varied local market performance. The first is that while house prices in Edinburgh and Glasgow ended 2007 12.9% and 15.5% higher respectively, peripheral towns and suburbs recorded growth of up to 19%. Indeed the new build sector even exceeded this level, returning a growth rate of just under 20% over the year.

“Against this background our assessment is that house price inflation in Scotland will average 1% in 2008 and will outperform all other UK regions. Mid and lower priced properties in the £140,000-£180,000 range are likely to perform well as young professionals and investors compete for affordable properties coming on to the market.