House prices up by 7% as number of homes sold falls

Prices across Scotland are up.

Prices across Scotland are up.

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AVERAGE selling prices across east central Scotland have increased by seven per cent in the last three months, according to the ESPC.

However, figures show the number of properties being sold has decreased by 8.4 per cent, with the fall continuing since the EU referendum.

ESPC business analyst Maria Botha-Lopez said: “What we’re seeing is that sales volumes started coming down in the period before the outcome of the referendum, and have continued to do so.

“This is not due to lack of buyer demand, but rather due to decreasing levels of active stock and fewer properties coming to market to replenish those that have sold.

The summer months are typically a quiet period for the property market as people go on holiday, and while some people may have deferred their decision to put their property on the market we will have to wait and see what the effect of Brexit has been over the coming months. Average selling prices have been driven up by the lower volumes of properties on the market.”