United Kingdom Property News

Prime Scottish property prices rise 1.6% in 2013

Prime property prices in Scotland increased by 0.3% in Q4 2013, the second consecutive quarter of price growth. The strong second half of the year means prices for Scotland’s best properties have risen by 1.6% on an annual basis.

However, prices remain 24% below the market peak in Q4 2007, figures in Knight Frank’s Prime Scottish Property Index show.

Price performance in the final quarter of the year was mixed across Scotland. Prices rose or were unchanged during the quarter in six out of the seven main Scottish regions, with a 1.3% rise in the Central region the biggest increase.

Ran Morgan, head of Knight Frank’s Scottish residential department, said: “As evidenced by rising prices and an increase in transactions, the second half of 2013 has marked the start of a turnaround in fortunes for the prime Scottish country house market.

“It is encouraging to see that this recovery is taking place in rural as well as urban areas. Rising prices across almost all the regions is reflective of the more positive mood we have seen among both buyers and vendors.