Bruce Rae Property Management

Outside Edinburgh

During 2006 Scottish country house prices continued to rise with the prevalent increases being observed at top end of the market. During this period the value of prime property in the Scottish countryside experienced growth of 16%, the highest of all the British country house markets for the fourth year in a row. Fife and Perthshire experienced the biggest impact with the price of a complete country house package approaching the £3 million mark, while Inverness-shire had its first £2 million+ sale near Nethy Bridge. The borders have also experienced an upsurge in demand as buyers, frustrated by the lack of available property in East Lothian, have shifted their sights south.

Faced with low supply of good quality, traditional family houses in the central belt, many have turned their thoughts to building their own. However, with the supply of acres falling to 36,500 during the first nine months of 2006 compared with 37,000 in the same period the previous year, good land is almost as hard to come by.

Recent figures by Edinburgh Solicitors’ Property Centre (ESPC) show that in the first quarter of 2007 prices across the Lothians have also risen considerably. In East Lothian for example a rise of 7.5% took the average price in the area to £186,130, while in West Lothian the average selling price of a property now stands at £165,130 following an even greater increase of 13.8%. Some of the fastest growth observed in the east central Scotland belt was observed in Dunfermline where, following an annual increase of 27%, the average price of a property is now exceeding the £150,000 mark.

For more information please contact:

Elspeth.Rae@brucerae.co.uk