Scottish house sellers enjoying strong demand

Posted: 07 Jul 2006 11:00:31 GMT

House prices in Scotland have reportedly increased by almost 11 per cent in the last 12 months, with sellers enjoying extraordinary demand.

According to a Nationwide report, the average price of a house north of the border is still less than £130,000, but solid inflation means that the gap with the rest of the UK is being slowly whittled down.

John MacRae, chairman of the Aberdeen Solicitors' Property Centre (ASPC), has even suggested that many sellers are receiving as many as six or seven bids before closing dates.

In the north-east of Scotland, Mr MacRae indicates that the average cost of a home has climbed by £30,000 in the last quarter alone, offering outstanding capital appreciation to those who invested there in recent months.

Speaking on Grampian lunchtime news, Mr MacRae said: "I think double the asking price is uncommon, but it is not unusual in certain sections of the market and to find that you’re facing six or seven competing bids when you go to a closing date."

He said that there is particular demand for starter homes and city centre flats, with sellers able to demand prices that had previously been unfeasible. The advent of online house buying and selling has only generated further interest, with second-home buyers able to access property markets away from their immediate vicinity.


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