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The latest quarterly house price statistics from the Registers of Scotland (ROS), covering the period from 1st January to 31st March 2019, revealed the average selling price in Scotland was £174,317, a 0.3 per cent decrease on the same period last year. Sales volume was up 3.7 per cent year-on-year, and the total value of residential sales rose by 3.3 per cent compared to last year. East Lothian properties saw both the greatest increases in total value (up 39 per cent) and the largest increase in volumes (up 32.7 per cent). Edinburgh and Glasgow were almost equal in terms of sales volumes during the first three months of 2019, making up 11.5 per cent and 11.4 per cent of the overall market respectively. However, Edinburgh’s volume was equal to last year, while the sales volume in Glasgow increased slightly year-on-year, by 0.8 per cent. Edinburgh saw the highest selling prices in the country during this period, with homes in the capital selling for £259,148 on average, which was a 0.9 per cent decrease on the previous year. Glasgow’s average selling price during this period was £152,010, which was a 1.8 per cent decrease on the previous year. Na h-Eileanan Siar in the Highlands saw the greatest year-on-year increase in average selling prices, rising by 14.1 per cent, although sales volume is much smaller in this area. Average selling prices in West Dunbartonshire increased by 10.3 per cent year-on-year. Dundee saw the third largest year-on-year increase in average selling prices compared to last year, rising by 10 per cent to £135,017. Peter Ryder of Thorntons LLP identified a number of reasons for the increase in selling prices in Dundee. He said: “The Dundee property market has undoubtedly benefited from the V&A effect and the continued investment on the Waterfront in Dundee. The £1 billion-pound Waterfront project has helped transform the image of Dundee and there is now a definite feel good factor in the area and a new positive image that is helping the city and surrounding areas. “Compared to other cities in Scotland, Dundee is still affordable, with an average selling price of £135,017, and this has attracted buy to let investors. With two very successful universities, an expanding college and a large increase in visitor numbers, investors are now seeing Dundee in a new light and view this as a good time to invest in the city. “The normal residential property in Dundee continues to perform well, although like most areas in Scotland we have a slight lack of supply of properties coming to the market. This is creating more competition for the stock that is currently for sale which can be recognised with the number of closing dates now being set. As a consequence of this, property prices are being pushed up. “With all the positive news and energy surrounding Dundee we would expect the city to continue to do well in the months and years ahead.” In the south of the country, average selling prices in the Borders fell by 6.4 per cent but sales volume increased by 1.3 per cent. In Dumfries and Galloway, the average selling price decreased slightly by 1.7 per cent and sales volumes dropped by seven per cent. Further north, prices in Perth and Kinross rose by 6.1 per cent while sales volumes increased by 6.2 per cent. In Aberdeen, average selling prices dropped by 1 per cent but sales volumes rose by 13.4 per cent. Paul Hilton, chairman of SPC Scotland, said: “It is positive to see an increasing volume of residential property sales in Scotland. This is likely due to a greater number of properties coming to market, helping to address some of the strong demand in certain areas. “More choice of property has also resulted in a cooling in rising average selling prices across Scotland, with many areas seeing similar average selling prices to last year or even a small decrease. This could also be a result of Brexit starting to affect buyer demand. “However, selling prices remain relatively steady and sales volumes are increasing in many areas, indicating that the market is still reasonably strong despite political uncertainty.”

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J & G Wilson Law & Property are pleased to be one of the first Solcitors in the Fife and Kinross areas to have signed up to the Altis Legal software platform, the new online conveyancing portal developed in partnership with the Law Society of Scotland. We are committed to improving our clients conveyancing experience in this secure and revolutionary way. Altis mitigates risk and increases efficiency – and as well as providing a secure and transparent environment for your conveyancing transaction and boasts a customisable conveyancing checklist which guides users through the transaction, ensuring nothing is missed. For more information on this please contact Jennifer Preston on 01577 862302 or email j.preston@jgwilson.co.uk or enquiries@altislegal.com

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We Are Hiring

J & G Wilson Law & Property are looking to recruit an experienced property professional to join our busy Kinross office. Ideally, you will have the relevant experience of working within a busy Estate Agency office and have a good understanding and knowledge of the property market. A clean driving…

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Wills – The personal touch

It seems that anything can be obtained on the internet these days and this includes Wills but there is no substitute for legal advice obtained from a solicitor. Online providers are not regulated by the Law Society of Scotland or other professional body meaning that clients will not have the…

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Online shopping

  Nowadays we find ourselves immersed in the trend of online shopping for most of our everyday items such as clothing, footwear, home furnishings, groceries and even takeaway food  to name a few. No one can deny that it is very relaxing to armchair shop and not to have to go…

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  We are seeing more of a return to the closing date system here in Scotland than we have over the last few years, hated by many buyers but often beneficial to a seller. The reason for this is really down to a more confident and competitive property market with…

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First time buyers advice

The thought of owning your own property for the first time is exciting but it can also be daunting for many first time buyers often who do not always see the many pitfalls that they can fall into. The first thing any first time buyer really needs to do is…

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