Median price at August 2008: £174,518 (Highland)

General increase since Sept 2007: 12%

Projected increase to Sept 2009: 0-2%

Five-year increase: 101% (£86,648)

Ten-year increase: 209% (£56,390)

The complete Western Isles price guide

Shoe-horned into HBOS’ Highland figures, the Western Isles are probably Scotland’s ultimate local market (running Caithness and Orkney and Shetland close). Too remote for most weekend second homers, the isles seem destined to maintain their primarily local focus for the foreseeable future.

However, even here, as Western Isles Property’s Joni Dee Smith confirmed last year, prices for first-time buyers were going “through the roof spreading out from Stornaway”. One year on, and typical of a market that could run as much as 18 months behind the cycle of Central Scotland, the agent remains extremely positive: “This year has been fine. There is no great downturn here and things are ticking over.”

Though intrepid individuals’ self building schemes have made some inroads into a chronic paucity of supply in the bottom and mid-market, large family homes have been showing markedly less growth for the second year in succession. Thankfully, the last two years have seen a few affordable housing schemes established and Dee Smith confirms that such was local demand in 2007 that three large-scale schemes in Stornaway completely sold out off-plan.

Perhaps reflecting the tightening pressures on middle-class homeowners, southern migration has slowed for now but the local agent admits to not feeling too downhearted. A bit of cooling is a good thing and will relieve the pressure on what is predominately a local market. And, as in Orkney and Shetland, concessions on stamp duty have been widely welcomed.

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