The housing market in Scotland has seen a significant decrease in house prices over the past 10 years, according to the Walker Fraser Steele reports. The reports, which are compiled by the leading property consultancy in Scotland, show that house prices have dropped by an average of 8.6% since 2010. This is the lowest level of house prices in Scotland in the past decade.
The reports show that the average house price in Scotland is now £164,000, down from £179,000 in 2010. This is a decrease of 8.6%, which is the lowest level since the Walker Fraser Steele reports began tracking house prices in Scotland in 2000.
The decrease in house prices is due to a number of factors, including an increase in the number of properties on the market and a decrease in demand. The number of properties available for sale has increased significantly over the past 10 years, while demand has decreased due to the economic downturn and Brexit uncertainty. This has caused house prices to fall as buyers are not willing to pay as much for properties as they were previously.
The decrease in house prices has had a negative impact on the Scottish housing market, with many people unable to afford to buy a property. This has caused a decrease in the number of first-time buyers entering the market, as well as an increase in the number of people renting rather than buying.
Despite the decrease in house prices, there are still areas of Scotland where house prices remain high. For example, Edinburgh and Glasgow remain two of the most expensive cities in Scotland, with average house prices of £250,000 and £180,000 respectively. This shows that there are still areas of Scotland where house prices remain high despite the overall decrease in house prices across Scotland.
Overall, the Walker Fraser Steele reports show that house prices in Scotland have decreased significantly over the past 10 years. This decrease is due to a number of factors, including an increase in the number of properties on the market and a decrease in demand due to economic and political uncertainty. Despite this decrease, there are still areas of Scotland where house prices remain high.