Moray home owners have been boosted by news that the values of their properties have gone up by an average 7% in the first quarter of the year.
The latest house price study throughout the UK conducted by Nationwide has shown that properties in Moray have risen over the period from January to March by over three times the Scottish national average.
Low mortgage rates and an easing on the availability of credit are being cited as the main reasons why prices have shown such a marked increase. Locally greater stability in the jobs market and a better financial outlook has seen the average home price in Moray and Aberdeenshire move up to £179,573 – 102% higher than prices 10 years ago.
“Price growth is continuing to run at a robust pace,” Robert Gardner, Nationwide’s chief economist said, adding: “The price of a typical home is now 9.3% higher than it was in March 2013.
“Record low mortgage rates, improved availability of credit and the brighter economic outlook are all leading to increased demand for housing.”
Mr Gardner added that there is now an issue on the supply of new homes to the market which are not keeping pace with demand.