Moray house prices and property sales both on the rise

Housing prices in Moray are on the rise, with sales in homes also on the increas
Housing prices in Moray are on the rise, with sales in homes also on the increas

The average price of a home in Moray has soared by more than 9% over the past year.

New figures from the Registers of Scotland also revealed the number of properties changing hands in the region increased by nearly a fifth.

The average cost of a home in Moray now sits at £153,560 – a 9.2% rise on last years figure of £140,650.

The statistics represent a remarkable turnaround for the region, which had to cope with the closure of the airbase at Kinloss and the uncertainty over the future of RAF Lossiemouth caused by the UK Government’s defence review four years ago.

Kinloss has since become an Army barracks and Lossie’s future was secured when it was announced it was to become home to three squadrons of Typhoon fast jets.

Across Scotland as a whole, the number of properties being sold has risen by 9.1% since September 2013.

The Moray figures show the value of property sales in the area has risen from £58.6million in 2013 to £76.4million in the second quarter of this financial year – a huge 30.4% increase and the third highest in the country behind East Dumbartonshire and Renfrewshire.

Eileen Hutcheon, estate agency manager and partner at Elgin and Forres-based solicitors and estate agents, Grigor and Young, said: “It is very encouraging to read the reports issued today on the increase in house sale figures.

“The market in Moray is certainly stronger and we are seeing selling times reduce while increasingly properties are now achieving Home Report valuation.

“This is partly due to more first-time buyers who are getting the mortgage offers they need, renewed buying by the ‘buy to let’ investor and generally more confidence in the market.”

In 2011, figures compiled by the Registers of Scotland showed that the volume of residential sales in Moray plummeted by 36.5% on the year before.

Total sales value was down 34.7%, from £65.7million in July-September 2010 to £42.9million in the same quarter that year.

Jim Johnston, a director at the Moray Chamber of Commerce, said the latest figure was a “normal change to the market” following the recent recession.

He added: “House prices have been a bit depressed for quite a while, I would say that that’s probably related to the tail-end of the recession.

“I think maybe we have just seen a natural upturn in people looking for housing and buying houses.

“It’s a great place to live, the quality of life is good, but in general, it’s a normal change in market.”