According to property website PrimeLocation.com, it seems for the first time in a year, Scotland's prime properties are selling three times faster than prime properties within the rest of the UK.
The prime property index has tracked the value of the top quarter of prime properties within Scotland since 2009 and advised within June 2011 that the average asking price rose to £392.249, an increase of 2.4%.
Scotland's prime property sales approaching historic high
Nigel Lewis, property analyst at PrimeLocation.com, said: "Asking prices for prime properties in Scotland are approaching their highest levels in the history of our index and appears to be streets ahead of other UK regions this month, leaving traditionally high-growth regions such as London and the south-east behind."
According to the website, Scotland is the fifth most expensive region in the UK for prime properties. However, this has prompted suggestions that the recent strong performance of the market could be attributed to the shortage of prime properties in the market within Scotland leading to increased competition between buyers for the best locations.
The Rotter on the prime property market increase
Les Meikle, aka The Rotter, PCA Deputy Chairman and Managing director of Wise Property Care commented: "This is good news for Scottish property owners, as the Scottish market has been significantly underperforming against UK property prices for much of the last year. While the general housing market is still trying to get back on its feet, it is nice to see that at least we are experiencing some growth within the prime property market. Hopefully, the rest of the housing market catches on to the raising trend soon."
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