East Renfrewshire, where house prices rose the most in November 2015 Photo: Easylocum
Scotland doubled England’s house price growth in November last year, with property prices rising by £45 a day.
Overall, Scottish prices jumped 0.8 per cent in November 2015, twice the rate south of the border, to reach an average of £169,850.
“The Scottish housing market has been making up for a bit of lost ground,” says Christine Campbell, Your Move managing director in Scotland.
“This uplift provides a welcome bounce back for homeowners after a turbulent year, with house prices still below March’s record peak. The driving force behind this up and down has been the introduction of the Land and Buildings Transaction Tax (LBTT), lowering tax for the vast majority of buyers, but hitting the top end of the market.”
As high-end housing stock starts to shift again, prices are rising in more expensive areas – East Renfrewshire led price growth on the mainland with a rise of 5.2 per cent (£6,069) since October.
The month’s growth spurt may be short-lived, thoguh, warns Campbell. “Now with John Swinney’s 3 per cent surcharge on second home and buy-to-let property purchases coming into force in April, price rises could find themselves hindered. If the impact of this tax increase mirrors the effect of the LBTT, we may see a sharp spike in values at the start of 2016, as buy-to-let buyers rush to avoid the tax hike, followed by a sudden dip after its introduction.”