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Scottish Property Prices Reach Record Quarterly Figure

According to the Registers of Scotland, property prices across the country rose sharply between January and March in 2014.

The study found that properties increased by 13.3% to £173,830, the highest quarterly figure since the Register began compiling statistics in 2003.The survey also found that the value of sales increased by 8%.

Volume of Sales

Despite the positive figures, and property prices in Scotland reaching an all time high, with every area in Scotland showing a rise in the value of properties, the total volume of sales across Scotland fell by just under 5% to around 17,000.

All property values did rise with sales of over £553m for the quarter, an increase of 29.2% on the previous year. RoS head of data Hugh Welsh said: "We've seen sustained growth in house prices throughout the 2014-15 financial year, with January to March's figures representing the highest quarterly increase in average price since quarter one of 2007-08.

"Future sales statistics will determine whether this is a one-off spike in quarter four average prices or whether this is a trend that will continue."

Rush To Beat LBTT

Many believe that although there was a rush to buy property many believe that this was merely due to the introduction of a new tax in Scotland.

Aberdein Considine senior property partner Bob Fraser said he believed the figures were a one-off spike caused by a rush to beat the new Land and Buildings Transaction Tax which replaced Stamp Duty.

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