Highland house prices on the up

HOUSE prices and sales in the Highlands both increased in July according to the latest statistics.

Highland Solicitors Property Centre figures show that the number of houses sold in July was up four per cent compared to July 2010, with house prices also up by the same margin on last year.

While the figures are encouraging, HSPC say these are small increases, which are part of a pattern of price fluctuations, rather than any significant trend.

Viewed across the three-month period to July, house prices in the Highlands are fractionally down by 0.4 per cent on the same period in 2010.

HSPC says the latest Registers for Scotland figures show the Highland property market has been weathering the economic uncertainty quite well.

And at £157,420 the average house price in the Highlands is two per cent above the Scottish average.

But, in common with markets across the UK, property sales are still being held back by potential buyers’ uncertainty about their future financial prospects and by the restricted availability of mortgages.

HSPC say that, against this background, the Highland property market is performing quite well, compared to other areas in Scotland and the UK.

While many houses are still selling, they report that sales are generally taking longer than they were between 2004 to 2007, prior to the financial crisis.

Meanwhile, with the number of properties on the HSPC Property Register up 24 per cent in July compared with the same month in 2010, home buyers in the Highlands currently have a wide selection of properties to choose from.

With the prices being kept keen, HSPC say that property in the Highlands currently remains a buyers’ market.