AVERAGE first-time buyers and detached home prices are ‘soaring’ in Scotland, according to research from DJ Alexander Ltd.
The property firm revealed that the latest figures show that between October 2023 and September 2024 average house prices for first-time buyers rose by £9,189, while detached homes were up £19,686.
Within these figures there were huge regional variations, with the greatest increases occurring in Edinburgh and Glasgow. For first-time buyers, average price increases ranged from £984 in Dundee to £20,737 in Edinburgh, while for detached homes prices were from £750 in Dundee to £83,597 in the capital.
David Alexander, CEO of DJ Alexander Scotland, said, “You need a strong first-time buyer market if the rest of the sector is to grow. That upward pressure from FTBs pushes the whole market along and these price rises show that demand is still strong and is driving prices upwards.
“Growth in the detached homes market is also a clear indicator of the strength of house sales. If there is strong growth at the top of the market, then it is a sign that demand is good, and prices will continue to rise.
“Whether this is sustainable in the long term is debatable, but it is clear that the Scottish market is lively, dynamic, and growing. There remains a shortage of new housing in Scotland and, until this shortage is met, prices will continue to rise as more people want to buy a home.”
