A great place to live where the quality of life is good is the verdict cast on Moray in the week that property price tables reveal the region has shown the largest increase in home values in Scotland.
The average price of homes in Moray rose by 9.2% in the year to September – the highest rise in home values over the period, with only neighbouring Highland coming close with a 7.2% rise.
Registers for Scotland data reveals the average home value in Moray is now £153,560 – up from £140,650 in the same period last year. In the last quarter alone prices rose in the region by 8.9% – outstripping even the booming Aberdeen City market which rose by 7.8% over the thee months.
It is a remarkable turnaround for Moray, a region that was in serious trouble when first the RAF were withdrawn from Kinloss and the very real threat of losing the base at Lossiemouth existed.
However, the joint effect of the Army moving in at Kinloss and the Lossiemouth base being saved from closure, along with a greater concentration of effort in attracting non-military businesses to the region, has resulted in an unprecedented bounce-back for Moray.
Property sales in Moray have also increased by almost one third – an increase surpassed in Scotland only by East Dumbartonshire and Renfrewshire.
“It is very encouraging to read the reports issued today on the increase in house sale figures,” Eileen Hutcheon, manager and partner at Elgin and Forres-based solicitors Grigor and Young.
She added: “The market in Moray is certainly stronger and we are seeing selling times reduce while increasingly properties are now achieving Home Report valuation.
“This is partly due to first-time buyers who are getting the mortgage offers they need, renewed buying by the ‘buy to let’ investor and generally more confidence in the market.”