Scotland Sees Strong House Price Growth
The latest official figures have indicated house prices have surged in Scotland over the past year.
HM Land Registry data has revealed the UK as a whole witnessed a 9.6 per cent rise in prices in the 12 months to April 2021, with the typical British home costing £254,624 in May. There was then a further price rise of 0.9 per cent between April and May, up from 0.5 per cent in the equivalent period of last year.
While the average home in Scotland may not cost as much, the price increases were well above the average at 12.1 per cent, second only to Wales. In England the average rose by 9.7 per cent, while in London it was only 5.2 per cent.
Although the surge in the market has been prompted by the stamp duty holiday, which is now over, prices have also been pushed up by a lack of supply across the country.
Matthew Cooper of Yes Homebuyers said: “Rather than build more homes, the government continues to feed the furnace to keep property values artificially inflated.” Even so, he predicted a market “correction” is on the way.
Faced with higher prices, some Scottish homeowners may decide there are better alternatives to an expensive move. One option is to engage with Glasgow architects for the construction of house extensions that could provide the extra space desired without requiring a costly move.
Adding an extension could also help increase the value of the home, increasing its potential future sale value and protect against any market corrections.
While Mr Cooper’s criticisms were aimed at the national government, householders in Glasgow and other parts of Scotland will have their eye on Holyrood when it comes to housing policy.
The Scottish government adopted the More Homes Scotland approach in 2016, which aims to increase provision through a range of measures ranging from increased public and private investment to better planning and doing more to ready land for housing.
However, this has evidently not prevented a major surge in Scottish house prices over the past year.