Housing developer warns over potential cost inflations

A housing developer is urging homebuyers to purchase homes now to beat inflation following a surge in housing prices throughout Scotland.

Across the country annual house prices have grown by 12% on last year according to the UK House Price Index Scotland. Dundas Estates revealed it is offering the chance to securely reserve homes 12 months in advance, enabling buyers to be protected from further price rises in the near future.

Craig Fairfoull, head of sales & marketing at Dundas Estates, explained, “If the rate of the current market price is to grow into next year, prospective buyers could be detrimentally affected by cost inflations. An additional 10% price increase year-on-year could mean the difference of individuals only being able to afford a three-bedroom home instead of a four-bedroom.

“Dundas is quick to recognise this issue and the difficulties it may bear on many growing families. With that in mind, we are releasing properties further in advance than ever before to protect the interests of house hunters’ wallets.” 

The UK House Price Index 2021 statistics revealed there has been a 14.2% rise in inflation to the cost of detached houses, and a 12.6% increase to semi-detached properties in Scotland.

Edinburgh is the most expensive area in Scotland to now buy a property, with the average house price at £303,000.

Craig Fairfoull added, “The time to buy is now. If prospective buyers continuously put off purchasing in this current market it may prove difficult to purchase their dream homes in the years to come. Buyers will find that even within a short period of time, their money will buy them a lot less house than the year prior, and that is what we want to prevent.”