BoS figures show weak growth in property prices in Inverness, but local experts say prices are healthy in a buoyant market

0
14
The Inverness property market would be buoyant.

The Bank of Scotland (BoS) FIGURES show Inverness was fourth from the bottom of Scotland’s house price growth chart, a figure that surprised some of those watching the housing market.

Motherwell is Scotland’s house price ‘winner’ in 2021, rising 17.3%, according to the latest BoS data.

On average, house prices in Scotland have risen by 8.8% over the past year, more than the UK average of 6.2%.

The average Scottish house now costs £207,778, an increase of £16,761 from the 2020 figure of £191,017.

However, the BoS says Inverness only grew by 1.6%, with only Kirkcaldy (1.1%), Coatbridge (minus 2.3%) and Airdrie (minus 3.8%) behind the capital of the Highlands.

According to the BoS, the average house price in Inverness in 2020 was £195,534, down from £198,672, a difference of £3,137.

An Inverness property market insider said the figures he had seen certainly did not match the bank’s report.

He said: “It’s easy to show a big difference if you start from a low point. The Inverness market is very buoyant and prices are healthy. Home prices are only what customers will pay.

He added that his figures showed that in 2020 the sale price was higher, but the difference between the asking price and the sale price was smaller.

But in 2021, the selling price was lower, with a higher gap between demand and sales.

The most expensive place to buy in Scotland remains Edinburgh.

The nation’s capital now has an average house price of £293,406, up £19,160 (up seven per cent) from last year according to BoS.

Overall, it has been a positive year for Scottish homeowners hoping to see their property values ​​rise, with more areas seeing higher growth rates and fewer falls.

Graham Blair, director of mortgages at BoS, said: “Scottish property prices have had another bumper year, with growth above the UK average and properties in almost every city now worth more than 12 months.

“The feedback we get from customers matches what we see in the data.

“Extended working from home has influenced where people want to live and what kind of property they want to own.

“So while our major cities continue to be attractive, with commuting now being less of a priority, areas that offer more space and better accessibility have seen growing demand from shoppers.”

Towns close to key cities have seen the largest house price increases.


Do you want to react to this article ? If yes, click here to submit your thoughts and they may be published in print.