It may have seemed all doom and gloom for the UK property market in 2007 however not everyone in the UK has been experiencing a slowing of property prices.
Scotland has seen some amazing property price increases over the last 12 months, the Scottish coastal town of Montrose saw average property prices shoot up from £123,494 to £172,156, a 39% increase in what many property experts are calling a housing recession.
The figures taken from a Halifax report attributed the increases to improved transport links, rising immigration and a strong employments market.
Scotland wasn't the only region in the UK to see property price increases, Winchester came out top in England with average prices up 38% putting the prices at just under £400,000.
Stourbridge in the West Midlands was the only town in the top 10 outside Scotland and the South East. Prices there have risen by 31 per cent to an average £264,130.
The Royal Institution of Chartered Surveyors added that upfront costs are now proving particularly problematic for new buyers as banks have begun to tighten their criteria and asking for bigger deposits with 100% mortgages becoming a thing of the past.
2008 should be a testing year for these kinds of returns and although it is unlikely the the market will continue at this rate, there are still areas such as Nelson in Lancashire where price of a property is £108,320.
Unfortunately the report also stated that first time buyers are at the lowest rate since 1980, which may start having a knock on effect this year.
Daniel Morgan
Independent Mortgage Broker
FruitMortgages.com
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