Prime property remains resilient

Prime Scottish property prices fell by 3.2% in 2011 but the Scottish Borders has bucked the trend, rising by 1.2%, according to the latest figures from Knight Frank. Scottish prime house prices fell by 1.3% in the fourth quarter of 2011 after a 1.5% decline in the third quarter and values are down 3.2% on an annual basis. Large country houses have fallen in value by 4.3% year on year, while cottages are down 1.5%, it shows.

Prime Scottish property prices fell by 3.2% in 2011 but the Scottish Borders has bucked the trend, rising by 1.2%, according to the latest figures from Knight Frank.

Scottish prime house prices fell by 1.3% in the fourth quarter of 2011 after a 1.5% decline in the third quarter and values are down 3.2% on an annual basis. Large country houses have fallen in value by 4.3% year on year, while cottages are down 1.5%, it shows.

But prices are still rising in the Scottish Borders, with a 0.2% increase between October and December and a 1.2% annual rise, but average values are down 7% year on year in the south west of the country and stock levels are up 10%.

The index also shows that prices in Edinburgh were down 1% in the fourth quarter, taking the annual decline to 2.8%. While average prices of country houses outside Edinburgh fell by 1.3% in the final three months of the year, a more modest decline than the 1.5% decline in the third quarter.

‘The prime market is hugely varied in Scotland but in general these figures show how tough market conditions have been in 2011. The further you go from London the more difficult life has been,’ said Ran Morgan, head of Knight Frank’s Scottish residential department.