It was a year none of us will ever forget, but 2020 was also an unforgettable year for the UK property market – particularly in Scotland.
After the enforced shutdown over the spring, the market bounced back incredibly well over most of the UK, with national property price growth of 7.3%, according to Nationwide.
Property prices in Scotland: The biggest rises in 2020
In Scotland, 2020 property price growth was good news for both buyers and sellers – depending on their location.
The seaside town of Ayr recorded the country’s biggest growth – with prices up by a huge 15.5% in 2020 according to the latest data from the Bank of Scotland. That took the town’s average house price to £177,984 – £23,839 more than at the same time in 2019.
In Livingston, however, prices fell by 8.1%, according to the Bank of Scotland data. That means homes in the West Lothian town are now worth £15,396 less than they were a year ago – a real fillip for buyers in the area.
Scotland’s other growth towns and cities
Elsewhere in Scotland, many other towns and cities enjoyed healthy price growth in 2020, despite the difficulties caused by the Covid-19 pandemic. Among them were:
Kirkcaldy experienced price growth of 9.6% in 2020, taking the town’s average property price to £155,888 – some £13,621 more than in December 2019.
Dundee enjoyed 3.5% growth in property prices last year, meaning the average price of a home in the city now stands at £171,918, compared with £166,031 in 2019.
Properties in Bathgate, between powerhouse cities Glasgow and Edinburgh, grew in price by 3% in 2020 – an increase of £5,090 which took the town’s average property price to £172,127.
Glasgow, including the Shawlands area, saw prices rise by 2.1%, taking the average cost of a home in the city to £193,621 – an increase of £3,994 since December 2019.
Homes in Dunfermline grew in value by 1.1% last year, taking the average property price in the town to £179,267 – a rise of £2,018.
Scotland’s property price decreases in 2020
While sellers will be rejoicing at healthy price growth across many areas of Scotland last year, there was also good news for buyers.
Paisley, to the west of Glasgow, saw property prices fall by 1.7% in 2020, bringing the average price of a home in the area down by £2,448 to £138,036.
Prices in Aberdeen fell by 1.4% last year, meaning properties in the city now average £2,761 less than they did a year ago with an average price of £200,810.
Contact your local branch of Martin & Co If you’re thinking of buying or selling in Scotland, we can get you moving. Contact your local branch, who would be delighted to help.