Property prices in Scotland have significantly increased following the resolution of the independence referendum.
- House prices in Scotland increased by 0.7% during October
- The average property asset in Scotland has experienced capital growth of £8,850 in the past year
- Student property is also a popular investment option as Scottish universities provide free tuition
Property in Scotland has seen a significant upsurge in value following the resolution of the recent independence referendum.
The uncertainty surrounding the vote had resulted in a cooling of house prices, but the latest figures from the LSL Property Services/Acadata house price index show that after a 0.7% rise in October, house prices in Scotland are just £717 below the pre-recession peak of £165,515.
“After a run of monthly house price stumbles on the way to the landmark referendum, the Scottish property market has recuperated. Growth regained ground during October, and property values bounced back,” said Christine Campbell, Your Move’s Regional Managing Director.
The recent upsurge in value has meant that overall annual growth in Scottish house prices increased to 5.7%, equating to a capital return of £8,850 on the average Scottish property investment over the past year.
People looking to make further investment now that the referendum is over were told by Ms Campbell that the “feel good factor” is particularly evident at the highest tiers of the property market, as these properties were most affected by the political uncertainty.
Another option open to property investors is student accommodation. Throughout the UK, student property investment has proved popular during times of economic uncertainty and over the past three years around £6 billion has been spent by the global investment community on the asset class.
Scotland in particular attracts high numbers of students due to the prestige of its universities and the fact free tuition is available to Scottish and EU undergrads.