Biggest Scottish house price increase for 50 months

"The Independence debate is having no impact on confidence within the Scottish housing market"

Glasgow: the average property in the Scottish city costs 4.51 local earnings (Flickr/Christophe Becker) (Flickr/Christophe Becker)

The average price of a house in Scotland is now £160,270, an annual rise of just under four per cent, according to a new report.

“The enthusiasm of property investors suggests the Independence debate is having no impact on confidence within the Scottish housing market," said Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services who released the figures."Whether the possibility of Scottish Independence throws up all sorts of question marks, the property market seems currently unaffected.

"2014 recorded the highest volume of sales in a January since 2008. Increased lending and mortgage availability are reaching heights not seen since before the recession as first-time buyers return to the market en masse. The lack of supply in properties in Scotland is boosting competition between new and previous buyers, propping up prices. The property market doesn’t appear to think things are set to change any time soon."

Savills has also reported a strong growth in prime sales - those above £400,000 - in Scotland thanks in particularly to increased activity in Edinburgh, Aberdeen and Glasgow which each saw growth of around 25 per cent.

"The market has been robust from spring 2013 onwards," said Faisal Choudhry from Savills, "with deals being done throughout the winter period. A further 188 prime transactions registered in January 2014 across Scotland, making it the busiest start to the year since 2008."

Choudhry added that while in previous years the prime market in Scotland was dominated by people aged 50 and above, the current hotspots are increasingly being driven by thirtysomethings.