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Prices of prime properties increase again

PRIME property prices in Scotland have risen for the second consecutive quarter.

The market, according to property consultants Knight Frank, recorded a 0.3% rise in the period from October-December 2013, with an annual Scottish increase of 1.6%.

In addition, prices for homes in the sub-£1 million bracket have increased by 1.8% in the last three months.

Analysts from Knight Frank say the recent price performance marks the emergence of a more positive picture in the Scottish property market.

Ran Morgan, head of the firm's Scottish residential department, said: "As evidenced by rising prices and an increase in ­transactions, the second half of 2013 has marked the start of a turnaround in fortunes for the prime Scottish country house market.

"It is encouraging to see that this recovery is taking place in rural as well as urban areas," he added. "Rising prices across almost all the regions is reflective of the more positive mood we have seen among both buyers and vendors.

"The coming year is likely to throw up its own unique challenges, with the referendum on independence scheduled to take place in September.

"We remain confident that the recovery in transactions and prices seen during the second half of the year will carry on into 2014 as the Scottish economy continues to strengthen."

Furthermore, the Knight Frank/Markit House Price Sentiment Index indicates that households in Scotland are more confident that the price of their property will rise over the next 12 months than at any time since April 2010.

Prime property refers to the most sought after ­properties, classified by desirable features such as location, space and the number of rooms.

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