Scottish house prices up £6,750: Property news roundup

Plus, DIY home removals, 500K homes, and the value of the London property pound

Latest figures for Scotland from LSL Property Services show that while sales fell three per cent in May, house prices jumped nearly £7,000 in the last year with a new record level set in Aberdeenshire.

It now estimates the average house price in Scotland to be £162,302.

"We are now seeing the longest sustained period of price growth in seven years," said Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services. "Prices have not climbed so steadily every month since December 2007. "

Around 87 per cent of the local authority areas in Scotland have seen annual average house price rises and overall the rise is 4.3 per cent. In May a new average record house price was set in Aberdeenshire of £224,803, although prices in Glasgow fell just over three per cent over the previous month.

In the three months to May 2014, the number of flats sold rose 26 per cent compared to the same period last year, followed by terraced houses with a 22 per cent increase.  

“Whether this monthly blip is symptomatic of a broader turning tide in the housing market remains to be seen," said Donald MacLellan. "More changes are afoot, with greater stress testing and loan-to-income caps coming into play to ensure the long-term health of the property market. While it may be tempting for the UK government and Bank of England to intervene and rein in housing demand, it is not necessary in many parts of the UK, and could pull the rug out from under the feet of recovery in areas where growth is still bedding down."

DIY home removal

Just over 80 per cent of home contents policies that cover ‘goods in transit' from one home to the next only do so if they have been packed and transported by a professional removal firm, according to analysis of more than 300 policies by Gocompare.com.

In addition, delicate or breakable items such as glassware and china are usually only insured if they have been professionally packed. The report also revealed that one in ten policies don't provide any cover for home removals.

What is the London property pound worth?

By comparing the price of the average detached home in inner London – estimated at £1,537,232 - estate agent Strutt & Parker has devised a currency exchange rate showing the value of the ‘London pound’ across the country.

On this basis, the London pound is worth £3 in the Cotswolds (see Sunny Cottages property pictured above) and £5 in the West Country, but a much higher £9 in the Highlands and Islands.

"In the commuter belt locations such as St Albans or Guildford, the London pound is worth £2," said Stephanie McMahon, Head of Research at Strutt & Parker. "To reach the £3 mark to triple your purchasing power you have to head further out to the classic spots such as Hampshire, South Oxfordshire and the Cotswolds."

James Mackenzie, Head of the Country House Department at Strutt & Parker, said: “We sold more properties over £2 million in the Cotswolds than anywhere else in the country last year and those were mostly to Londoners moving out."

The London pound is worth £6-£7, on average, in most regions of the UK from the Midlands northwards. The exception is north east Scotland, where it’s worth £5, buoyed by Aberdeen.

Number of £500K homes up by nearly a third

The latest figures from Experian indicate that between April and June 2014, the number of homes that were put up for sale valued at over £500k rose by 30 per cent.

Houses for sale in the next highest price band (£250k to £500k) rose by 16 per cent over the last year, the highest level since 2010.

The report also shows that there were fewer newly advertised properties coming onto the market for rent, down 4.3 per cent across the UK in the last three months compared to the same period last year. The North East and Wales were the only areas to continue to see a growth in rental properties, up 4.3 per cent and 1.8 per cent respectively.

Prime Central London lettings

The number of new prime central London properties on the market to let between March and June has dipped compared with the same period in 2013, according to W.A.Ellis with the number of flats down by 14 per cent, and houses down by 27 per cent year-on-year.

Its figures showed that just under a third of its properties in central London so far in 2014 have been let to UK tenants.

"The growth in property sale values has prompted a number of landlords to cash in and sell their investment, one reason for the drop in supply levels in some areas of the market" said Lucy Morton, senior partner and head of lettings at W.A.Ellis.

"Growth in the City employment sector has long been a barometer for the prime London lettings market and with the London economy accelerating quicker than anticipated coupled with London’s rising population, this will continue to drive demand for rental properties and support rental values."

Discover more property articles at Homes and Property
Sport
tennisLive: Follow all the updates from Melbourne as Murray faces Czech Tomas Berdych in the semi-final
Arts and Entertainment
'The Archers' has an audience of about five million
radioA growing number of listeners are voicing their discontent; so loudly that even the BBC's director-general seems worried
Arts and Entertainment
Henry VIII played by Damien Lewis
tvReview: Scheming queens-in-waiting, tangled lines of succession and men of lowly birth rising to power – sound familiar?
Arts and Entertainment
Taylor Swift is applying to trademark song lyrics from 1989
musicYou'll have to ask Taylor Swift first
PROMOTED VIDEO
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Ashdown Group: SQL DBA (SSIS, ETL) - London, £60k

£60000 per annum: Ashdown Group: SQL DBA (SSIS, ETL) - Central London, £60,000...

Recruitment Genius: Compliance Assistant

£13000 per annum: Recruitment Genius: This Pension Specialist was established ...

Recruitment Genius: Service Agent / QA Engineer

Negotiable: Recruitment Genius: This is an exciting opportunity to join an est...

Recruitment Genius: C# / XAML Developer

Negotiable: Recruitment Genius: This is an exciting opportunity for a talented...

Day In a Page

Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee
World War Z author Max Brooks honours WW1's Harlem Hellfighters in new graphic novel

Max Brooks honours Harlem Hellfighters

The author talks about race, legacy and his Will Smith film option to Tim Walker
Why the league system no longer measures up

League system no longer measures up

Jon Coles, former head of standards at the Department of Education, used to be in charge of school performance rankings. He explains how he would reform the system
Valentine's Day cards: 5 best online card shops

Don't leave it to the petrol station: The best online card shops for Valentine's Day

Can't find a card you like on the high street? Try one of these sites for individual, personalised options, whatever your taste
Diego Costa: Devil in blue who upsets defences is a reminder of what Liverpool have lost

Devil in blue Costa is a reminder of what Liverpool have lost

The Reds are desperately missing Luis Suarez, says Ian Herbert
Ashley Giles: 'I'll watch England – but not as a fan'

Ashley Giles: 'I'll watch England – but not as a fan'

Former one-day coach says he will ‘observe’ their World Cup games – but ‘won’t be jumping up and down’
Greece elections: In times like these, the EU has far more dangerous adversaries than Syriza

Greece elections

In times like these, the EU has far more dangerous adversaries than Syriza, says Patrick Cockburn
Holocaust Memorial Day: Nazi victims remembered as spectre of prejudice reappears

Holocaust Memorial Day

Nazi victims remembered as spectre of prejudice reappears over Europe
Fortitude and the Arctic attraction: Our fascination with the last great wilderness

Magnetic north

The Arctic has always exerted a pull, from Greek myth to new thriller Fortitude. Gerard Gilbert considers what's behind our fascination with the last great wilderness