Property market in good health according to recent data

Meanwhile, the number of sales year-on-year are well ahead following the adverse impact of the pandemic in 2020. New figures from Registers of Scotland show the typical property changed hands for £180,334 in September - a year-on-year jump of 12.3%.

The number of residential sales this July was 10,667 - up 114.1% on July, 2020. RoS business development director Kenny Crawford said:

"Although marginally down on the figure for the previous month, the average price of a property in Scotland in September remains one of the highest reported for any month since January 2004.

"Over the year as a whole from August, 2020, to the end of July, 2021, the number of transactions has picked up following the reductions caused by Covid-19 measures and cumulatively is now 46% higher than the previous year. Figures in the current year to date are also 16% higher than pre-Covid figures from August, 2018, to July, 2019."

Detached properties showed the largest increase in average home prices - rising by 16.5% in the year to September to £320,374. Flats showed the smallest improvement of 9% to £125,244. Year-on-year price increases were recorded in 30 local authorities. The largest jump was in Inverclyde - by 26.1% to £121,655.

The smallest rise was in Angus, where the increase was 9% to £163,578.

In September, the priciest area to purchase a property was Edinburgh at £321,166, while the least expensive was East Ayrshire at £119,148.

The new figures also showed more evidence of the recovery in the property market in the Aberdeen area, following the oil and gas downturn.

The average home price in Aberdeenshire soared by 13.3% to £198,349 in the year to September, while Aberdeen was 11.3% ahead at £151,204.

Recent figures from ASPC had confirmed the continued bounce-back in the property market in the north-east.

The price of homes in Aberdeen rose by an average of 6.6% year-on-year in the third quarter of 2021, while Inverurie was ahead 6.1%, Stonehaven 4.7% and Ellon 2.3%.

John MacRae, chairman of ASPC, said the Q3 figures continued to show "steady improvement" on previous years.

He added:

"I think it is common knowledge that this has been a year when we all hoped for signs of recovery - possibly stability.

"The first half of the year indicated there were signs of steady improvement, both in numbers of sales and in prices.

“This year's figures are confirmation that our local housing market is recovering. Things are definitely improving for sellers."