Prime Scottish property values 'reflect tough market'
A study by Knight Frank has found prime property in Scotland declined in value by 3.2 per cent in 2011, though it noted there was wide variation across the country.
The Borders region was one of the strongest performers, seeing prices increase by 1.2 per cent over the year, while by contrast, the south-west of the country suffered the biggest falls, with the average house price dropping by seven per cent
Individuals looking to place possessions in Edinburgh self storage while they sell their home may be pleased to hear the market in the city is said to be performing well.
Partner at the firm's Scottish residential department Matthew Munro said: "Edinburgh's residential middle market has seen the most resilience and shown genuine signs of improvement in terms of the levels of activity and volume of sales compared to the previous twelve months."
He noted overseas buyers have been particularly attracted to the city, drawn by its good value and high-quality housing stock.
Mr Munro added prices in the prime residential market are down, but activity has been steady throughout the year, with little of the usual seasonal variation in demand.
The most popular properties in 2011 were good-quality flats in the New Town and West End districts valued at between £350,000 and £700,000.
Family homes below the £1 million mark have also been popular, particularly on the south side of the city, the expert continued.
Head of Knight Frank's Scottish residential department Ran Morgan noted that overall, the figures for 2011 demonstrate what a tough year it has been for the market.
He observed a two-tier situation has begun to develop, where the best properties continue to show resilience while less desirable locations have been badly affected by the downturn.
Recently, the LSL Property Services/Academetrics House Price Index for November revealed the average Scottish abode was valued at £147,202 during the month.
Posted on Monday, 30 January 2012 under Edinburgh Storage ContentPlus
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Prime Scottish property values 'reflect tough market'
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