Semi-detached property prices rise the most in Scotland
The average price of a semi-detached property in Scotland has risen by £41,639 in the last five years, equivalent to £694 per month, according to new research.
While the average price of a semi-detached in the UK is £225,123, it is just £172,423 in Scotland, the research from the Bank of Scotland also shows.
Although half of all property sales in Scotland last year were either flats or terraced properties, semi-detached homes have increased in value by 32%, compared to 26% for all property types over the same period.
Meanwhile, flats have seen average prices rise by £26,995 or 26% since 2013, while detached homes recorded an increase of £43,131 or just 9%.
Flats remain the most popular property type among Scottish first time buyers. However, the proportion of sales has slowed slightly over the past five years from 42% to 41%, whilst the popularity of detached properties has increased from 16% to 19%.
Whilst flats are the most popular choice for first time buyers in Scotland, this isn’t the case across the UK. South of the border, terraced homes are the most popular purchases amongst first time buyers at 37%, with semi-detached homes being the second most popular choice at 29%. Flats are the third most popular property type at 22% across Britain.
Flats also remain the most affordable property type in Scotland with an average price of £132,386, followed by terraced houses at £136,667 and semi-detached houses at £172,423.
‘Despite the price rising by over a quarter in the last five years, flats remain the most popular choice among Scotland’s first time buyers, which is different compared to the rest of the UK,’ said Graham Blair, mortgage director at the Bank of Scotland.
‘Those who already own homes will be eyeing their next move with nearly a third of home movers looking to step up to a detached home,’ he added.