The Scottish heartlands housing market has outperformed the national property market under £400,000, according to new analysis from Savills.
The heartlands of Central and Tayside have recovered more slowly after the downturn of the property market but research shows they are now seeing a positive change of fortune.
The town and country locations studied in the heartlands included Perth, Stirling, Fife, Dundee and Angus, which have outperformed Scotland on the whole.
Savills’ research indicates that growth in the lower price housing sector has resulted in better prime activity.
The statistics show that top end market sales are already increasing, with 19 sales of in excess of £1m last year in the heartlands, in comparison to an average of 16 a year over the last five years.
Harry Maitland, of Savills, commented that he believes it was just a matter of time until we saw the heartlands catch up with the property market recovery in Scotland.
Among the reasons for the upturn, he suggested that fast access to various Scottish cities, excellent schools, airport access and great life quality all played a part in the improved market performance.
Mr Maitland also forecast that following the upturn in performance, supply and demand laws dictate that we will now see an increase in value across every price band.
The statistics show that last year the amount of residential sales under £400,000 went up by 23% in the heartlands, in comparison to just 11% across the whole of Scotland. However overall annual sales went up by 9% in the heartlands, just in front of the 8% number for the whole of Scotland.
The Stirlingshire market saw the biggest increase in sales, with a 28% increase of property sales below £400,000, while Fife’s annual property sales were not far behind with an annual increase of 26%, followed by Dundee City with 24%.