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Property values surge upwards in north-east

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Homeowners in the north-east may be finding they have more money in their pockets thanks to a surge in property prices over the past 12 months.

Official figures from the Registers of Scotland show Aberdeen is ranked fifth in the country in terms of rises during 2014.

The statistics, collated by estate agent Aberdein Considine, show property values increased by £1,199 each month.

Edinburgh tops the list with a monthly rise of £1,744 throughout last year.

Bob Fraser, senior partner at Aberdein Considine, said many parts of the country enjoyed a strong year in 2014.

He said: “The Scottish economy has rallied during the past 12 months and as a result, more people have had the confidence to buy and sell property.

“In recent years, Edinburgh and Aberdeen have led the post-recession recovery in the property market, while other parts of the country have struggled to keep up.

“However, as these figures show, many other parts of Scotland are now beginning to flourish.”

Stirling, Renfrewshire and Clackmannanshire make up the rest of the top five. The Scottish average increase was £877 per month.

Mr Fraser is forecasting a busy start to the year as buyers look to beat tax increases at the higher end of the market.

From April, Stamp Duty will be replaced by the Scottish Government’s Land and Buildings Transaction Tax (LBTT).

Under the new system, a tax rate of 10% is imposed on properties between £250,000 and £1million – with no levy due on the initial £130,000.

Mr Fraser continued: “The changes coming mean that people buying at a certain level will be saving a substantial amount of money if they buy now.

“As a result, what is typically a quiet month for the industry has become a very busy one.

“If this month so far is anything to go by, I expect 2015 to be just as profitable as 2014 for people with homes in the right areas.”