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12 March 2015

Scottish property prices predicted to rise

Surveyors in Scotland anticipate a continuation of increased property prices.

The Royal Institution of Chartered Surveyors (RICS) said the prediction was made by a net balance of 49% of respondents to its monthly survey.

Part of the increase stemmed from a decrease in the number of houses coming onto the market. In addition, supply continues to fall behind demand in most parts of the UK.

Its latest Residential Market Survey suggested Scotland and Northern Ireland's housing markets are currently outperform the rest of the UK in terms of price growth.

With 37% of respondents predicting an increase in transactions in Scotland, sale expectations over the next quarter look positive. Last month's survey suggested that Scotland and Northern Ireland had more buyer inquiries, stronger price growth and a more confident outlook than the rest of the UK.

Meanwhile, a report by Bank of Scotland has suggested that Scotland needs to expand the supply of good quality homes available both to buy and to rent.

Bank of Scotland commercial banking managing director Alasdair Gardner said: "This study identifies the major pressures facing Scotland's housing market with demand for new rental and privately owned homes going to increase in the coming years.

http://www.bbc.com/news/uk-scotland-scotland-business-31840769
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23 January 2015

UK house price growth accelerates in Edinburgh, Glasgow and Liverpool while London slows.

New data reveals that Edinburgh and Glasgow are experiencing the strongest house price growth while London property prices have started to stagnant. According to Hometrack's latest UK Cities House Price Index, 11 cities recorded an increase in growth over the second half of 2014, typically lower growth markets rising off a low base, while in the same timeframe, seven cities experienced a slowdown in the rate of growth.

The index indicates that the cities with the fastest house price growth over the quarter to December were Edinburgh (1.4%); Glasgow (0.7%); Liverpool (0.7%); and Southampton (0.6%).

However, after house prices increased by 14.7% in London over the whole of 2014, the rate of growth has stagnated and is set to slow in 2015.

The latest data from the Office for National Statistics shows that the average UK house price stood at £271,000 (€358,130, $406,356) in October last year.

This is a slight decline from £273,000 in September 2014 and £274,000 in August.

Annual house price inflation was 12.5% in England, 5.8% in Wales, 7.6% in Scotland and 10.9% in Northern Ireland.

http://www.ibtimes.co.uk/uk-house-price-growth-accelerates-edinburgh-glasgow-liverpool-while-london-slows-1484780
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11 November 2014

Scottish property market 'reaches turning point'

The year 2014 heralded in a new era for Scotland’s property market as prices reached an unprecedented turning point. In S1 Homes’s latest 2014 quarterly report, flats were found to be selling at around £27,000 more than their asking price. The trend continues for other property types as well; with terraced houses on average dealing at £20,000 more and semi-detached houses for £9,000 more.

was especially so in areas such as Glasgow/Dunbartonshire and North Lanarkshire which saw properties going at £2,500 more. There were similar encouraging signs even for properties selling less than their asking price. Although detached houses were selling for less than their asking price, the gap had narrowed from £31,000 less than their asking price compared with £37,000 in the previous quarter.

http://www.bbc.com/news/uk-scotland-scotland-business-30005499

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19 December 2014 by Dean Herbert

Home values set to rocket in Scotland

Property analysts, Hometrack, found that Edinburgh property prices increased by 1.8% over the past year to reach £196,900 on average. Similar encouraging signs were observed in Glasgow, with prices experiencing a quarterly increase of close to 1% to reach £110,300. In the same timeframe, London property prices saw a mere increase of just 0.5%  

The year 2014 heralded in a new era for Scotland’s property market as prices reached an unprecedented turning point. In S1 Homes’s latest 2014 quarterly report, flats were found to be selling at around £27,000 more than their asking price. The trend continues for other property types as well; with terraced houses on average dealing at £20,000 more and semi-detached houses for £9,000 more.

was especially so in areas such as Glasgow/Dunbartonshire and North Lanarkshire which saw properties going at £2,500 more. There were similar encouraging signs even for properties selling less than their asking price. Although detached houses were selling for less than their asking price, the gap had narrowed from £31,000 less than their asking price compared with £37,000 in the previous quarter.

http://www.bbc.com/news/uk-scotland-scotland-business-30005499

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19 December 2014 (Updated on 20 December 2014)  by Press Association

4% house price increase forecast

With house prices and rents expected to have a 4% and 2.1% increase respectively, the Royal Institution of Chartered Surveyors (RICS) 2015 housing forecast expects 2015 to be a positive one for Scotland’s property market.

Government policies such as the Help to Buy initiative have also helped to fuel greater demand. While the mortgage market review might result in more stringent financing, buyers can be assured that upcoming changes such as the stamp duty reform and introduction of the land and buildings transaction tax (LBTT) will help ease things over – particularly for first time buyers. According to the Treasury, buyers purchasing a home for less than £937,500 can expect to pay the same tax amount – or possibly, even less.

http://www.thecourier.co.uk/news/scotland/4-house-price-increase-forecast-1.745073

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17 December 2014 by Jody Harrison

'Ray of sunshine' for Scottish property market

Scotland house prices are recovering towards their May 2008 pre-recession high and increased by 0.7% in October to an average of £164,798 – £717 away from the highest figure before the global financial downturn. According to LSL Property Services/Acadata’s monthly survey, almost two thirds of Scotland's council areas had a price increase during. East Dunbartonshire enjoyed the biggest monthly increase of 5.8%, with an average price tag of £223,146.

Similar positive signs were also observed in Edinburgh which remains the most expensive area. The 0.2% monthly increase worked out to an average price of £239,335. Although Glasgow property took a slight dip from £134,237 in September to £134,018 in October, the overall housing market looks positive. With the referendum’s uncertainty period behind us, 2015 looks set to be a good year.

http://www.heraldscotland.com/news/home-news/ray-of-sunshine-for-scottish-property-market.114701178

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7 November 2014 by Vicky Shaw

Scotland forecast to outpace London for house price rises

From now till 2019, Scotland property price looks set to outshine those in London and other areas.

In a report from Savills, UK house prices are expected to increase by 19.3% by the end of 2019 and hit on average of £225,250 – which works out to roughly £36,500 more than current prices. A similar pattern is also mirrored in Scotland where prices are predicted to rise by 17.6% to hit an average of £167,331 while prices in Wales are predicted to rise by 15.3 per cent to reach an average of £166,142. London property prices are not expected to grow in 2015 although prices should start to look positive again from 2016 onwards.

Comparative to London, prices in the north-east of England look set to rise more strongly in percentage terms. Over the next 5 years, individuals can expect a 12.6% increase to take values to £137,360. Prices in the South East of England are likely to increase by 26.4% in the next 5 years thereby taking the average property price to £296,244. The report anticipates a 25.2% increase in value in the east of England to reach an average of £243,739 on by the end of 2019. The average price in the north-west of England is predicted to rise by 13.7% to reach £166,866 by the end of 2019.
With the market facing more stringent mortgage rules and an "acute housing shortage", the number of private rented households in England and Wales could rise by 1.2 million over the next five years.

http://www.heraldscotland.com/news/home-news/scotland-forecast-to-outpace-london-for-house-price-rises.25803289

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19 September 2014 by Lee Boyce

Scottish property market 'will come back to life' after No vote as estate agents say mortgage fears will lift

Following the conclusion of the 2014 Scottish referendum, the National Association of Estate Agents looks towards a significant lift in the property sector. Figures released by the Office for National Statistics revealed that house prices had risen to an unprecedented peak of £198,000 in July – which is 7.6% higher than it was 12 months back.

A report from Zoopla suggest, the lead up to the referendum voting might have led to a dip in property prices could have taken a hit of up to £31,000. However, the market looks set for a steady and healthy recovery. Knight Frank's Scotland unit, backs this bet, with forecasts predicting that prices will increased by 3% by the end up of 2014 and continue to increase by a another 3% to 6% in the upcoming 2015.

http://www.thisismoney.co.uk/money/mortgageshome/article-2762162/Scottish-property-market-stir-life-following-decision-remain-UK.html#ixzz3FjehFLhS 

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7 October 2014  by Daniel Shane

Singapore’s GIC eyes $1.6 billion deal for UK airports

Singapore’s sovereign wealth fund – the Government Investment Corporation of Singapore (GIC) is expected to participate in a £1 billion (US$1.6 billion) co-investment in 3 UK airports together with Spanish infrastructure firm Ferrovial and Australian bank Macquarie.

The 3 airports – in Glasgow, Southampton and Aberdeen – are currently owned by Heathrow Airport Holdings (HAH) and see a total annual passenger volume of 13 million. Although GIC may not be publicly named as an investor in this project, GIC is already a shareholder in HAH – together with other SWFs and pension funds including China Investment Corporation (CIC), Qatar Holding, Caisse de Depot et Placement du Quebec, and UK’s Universities Superannuation Scheme. In line with recent trends, established Asian institutional investors are exploring alternative investments in real estate and infrastructure. According to a recent Invesco survey, 75% of SWFs in the region were keen on expanding towards global infrastructure, while 60% were looking at real estate.

Other crucial milestones include the Canada Pension Plan Investment Board’s investment announcement of $166 million in Indian infrastructure equity via a stake in engineering giant Larsen & Toubro Ltd. In 2013, the Kuwait Investment Authority (KIA), one of the world’s largest sovereign wealth funds, announced that it would invest up to $5 billion in British infrastructure assets over the next three-to-five years.

http://www.asiaasset.com/news/Singapores_GIC_eyes_16_billion_deal_for_UK_airports0710.aspx 

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24 April 2014  by Helen McArdle

Glasgow enjoys a mini property boom

The latest quarterly report by Solicitors Property Centre (SPC) Scotland has revealed that Glasgow city, Fife and Perthshire have enjoyed above average increases in prices at the start of 2014. Going into the specifics, the regional breakdown indicates a 7.4% year on year increase in Glasgow; compensating for a previous 5% dip between 2012 and 2013; and hence taking the average Glasgow house price to £120,442. Compared to the first quarter of 2013, prices in Scotland increased by 5.3% and thereby pushing the value of a typical property to £178,339. Cylde Property looks towards a similar trend and expects an increase of 3% to 4% in West Central Scotland.

http://www.heraldscotland.com/news/home-news/glasgow-enjoys-a-mini-property-boom.24044186

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2 June 2014  by Hilary Osborne

Londoners flocking out of capital to exploit house price gap

According to Hamptons International, Londoners have purchased 44,000 properties worth £15bn outside of the capital. This is the highest level in terms of both volume and value since 2007. In the first four months of 2014 alone, 14,700 properties were purchased for a total of £5bn.

http://www.theguardian.com/money/2014/jun/02/londoners-flocking-out-capital-exploit-house-price-gap-property

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30 May 2014  by Kate Devlin

Help to Buy gets thousands of Scots on to property ladder

With a struggling market since the financial crash, the Help to Buy scheme has injected a much needed boost. In combined strength, the Scottish and UK Governments’ Help to Buy scheme has led to 2185 house sales. With 20% more properties being sold in 2014 as compared to the previous year, the scheme has given first time buyers a huge helping hand.

New figures indicate that six of the top 10 areas using the UK-wide scheme were in Scotland - in Glasgow, Edinburgh, Fife, Aberdeen, and South and North Lanarkshire. A total of 957 homes were bought and not surprisingly, with first-time buyers making up 80% of this demand.

As testimonial to the scheme’s impact, the average house price to income multiple was just less than three times salary and the average property cost about £112,000 – well below the average Scottish house price of £180,575.

http://www.heraldscotland.com/politics/wider-political-news/help-to-buy-gets-thousands-of-scots-on-to-property-ladder.24364066