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Stirling Property Market 2020 Review
Across Scotland, the housing market got off to a strong start in 2020 but by March, lockdown restrictions were introduced to stop the spread of COVID-19, meaning that the housing market was severely impacted. In March 2020, the total number of residential property sales registered was 5,765, indicating a 14% decrease compared to the previous year.
After an unusually quiet spring, the Scottish property market bounced back faster than anyone could have predicted once restrictions were lifted in June 2020. On average, the property market across Scotland has continued to benefit from the pent-up demand as the year goes on.
Average House Prices in Stirling
The average price for property in Stirling was £219,000 in December 2020. This is a rise of almost 9.0% from 12 months ago. In terms of property types, flats in Stirling sold for an average of £163,000 while terraced houses sold for around £173,000.
Sales agreed between July and September 2020 versus the same period in 2019 were 49% higher in Stirlingshire.
While the average time taken to sell a property has increased across different regions in some parts of Scotland, Stirling has seen the opposite, now taking 75 days longer to sell (which is the largest increase of anywhere in Scotland). This is essential to consider if you’re planning on selling a house in Stirling anytime soon.
Stirling Property Market Predictions: What to Expect in 2021
- Stirlingshire is unique in that the City of Stirling is surrounded by farmland and small towns, meaning there’s a mixture of city, suburban, and rural living. For buyers and renters looking to benefit from access to more green spaces, Stirling is an attractive option.
- Sellers should be aware of the strong increase in demand for larger homes with gardens as buyers move out of city centres. Learn more about some of the predicted changes in buyer behaviour in our guide.
- Planning approval has been granted for 75 new-build family homes at Bertha Park development in Perth. It’s predicted that the new private rental sector homes in this village development will increase housing choice and help set a new standard for the creation of successful, sustainable communities in Scotland.
Don’t Miss the Scottish Government’s Land and Buildings Transaction Tax (LBTT) Holiday
From July 15th 2020 until March 31st 2021, the Scottish Government brought an LBTT property tax holiday into effect to help the Scottish property market survive and recover from COVID-19.
For home buyers, the LBTT tax holiday could save you significant amounts of money, however, the amount saved will vary depending on the price paid for the property. Learn more about the LBTT holiday in this guide.
Get a Home Report from Home Report Company
As a buyer, you want reassurance and peace of mind that your dream home will be everything you imagine. Avoid any surprises by getting a Home Report early in your buying journey. Find our more about Home Reports and the different documents which are included.
If you have any questions about buying or selling property or would like to ask us for more information give us a call 0131 608 0175 or email enquiries@homereportcompany.co.uk.
