House prices in Scotland will continue to grow across all property types in the long-term, according to Edinburgh’s leading property solicitor.
Reacting to today’s Bank of Scotland Property Type Review – which revealed that bungalows have increased in value more than any other property type over the past decade – Warners said that long-term demand for all property types was likely to remain high.
Estate agency partner Scott Brown explained: “Over the past decade, we’ve seen that the gains on all types of properties in Scotland have been broadly similar. All property types have increased in value since 2000 and these are still in high demand among buyers.
“However, I suspect that bungalows and detached family homes have done a little better in the last year as these are properties which someone buys as a family home ‘for the long term’. Because they are bought with the longer term in mind, purchasers of such properties are not so concerned with short term price fluctuations as they want to be in that property for many years.
“Purchasers of these types of property are also still likely to get into competition for the right home in the right area, meaning that prices are remaining high. In Edinburgh, in particular, bungalows are a highly desirable property type because they are popular with families wanting to move out of tenement living and into a larger home outside of the city centre – which means that prices are always competitive.
“However, over the long term, I suspect, as we’ve seen from the Bank of Scotland’s ten year views, price growth will be pretty similar for all types of property.”
Warners, which has four property shops in Edinburgh, has been the Capital’s leading property solicitor in terms of property sales and listings for the past 11 years.