There was more excellent news for the property market as house prices rose at their fastest rate for five years in October, according to Nationwide.
Annual house price growth accelerated to 5.8%, the fastest increase in five years as buyers rush to take advantage of the cut to LBTT in Scotland. Until Spring 2021, buyers won’t have to pay any LBTT on the first £250,000 of a properties value.
This is the latest piece of good news in a continuing good run of form for the property market which continues to go form strength to strength. Rightmove recently announced that there were three major new records achieved through September which include:
- The average time to sell a home in the UK dropped to 50 day’s, whilst in Scotland it’s now down to just 31 days.
- The number of sales agreed in September was another record high, with a whopping 70% more completions than the same period last year.
- The average price of properties coming to the market in the UK now stands at £323,250 (a monthly increase of 1.1% )
Since returning from lockdown, the property market in Scotland has gone from strength to strength and we have been delighted to achieve record sales prices on behalf of our clients. As we near the end of the year, there is no sign that the market performance is going to change it can be confidently predicted that the market will continue its good form through the new year as buyers look to take advantage of savings through the LBTT cut.
To discuss the market in your area in more detail, feel free to contact Corum here.
