Locals ‘priced out of the market’ as average home costs rise to over £185k

MSP Richard Lochhead has said that increasing house prices are pushing the dream of home ownership further out of reach as property values have soared.

Figures published by the Registers of Scotland show that average property prices in Moray increased by 17.3 % in 2022, with the average house price now over £186,000.

House prices across Scotland to June 2022 increased by 11.6%.

Mr Lochhead said that whilst people looking to sell their properties may welcome the increase in prices, it will no doubt cause further concern for people locally who are struggling to get onto the property ladder. 

Commenting Mr Lochhead said: “Moray has a low wage economy and for many households it is becoming harder and harder to save the money needed for a deposit to buy their own home, this is especially challenging for younger folk looking to stay in the area. 

“The 17.3% hike in average property prices in Moray will no doubt be welcomed by those looking to sell their properties, and many will see this as a sign of health and our area being an attractive place to live. However, it is also a sign of demand outstripping supply and many local people are being priced out of the market. For many first time buyers especially, the continued rise in property prices locally will only push their dream of owning their own home further out of reach.

“I’ll be discussing this further with the authorities and local businesses in the coming weeks.”