Record House Prices in Scotland
According to the latest figures released by Chartered Accountant Fraser Steele in its monthly house price index, Scottish house prices have increased by 13.2% in Scotland over the past twelve months – this is the highest rate of all four UK nations.
Out of 32 local authorities in Scotland, a total of 30 have seen prices rise over the last year. Currently, the average house price stands at £212,832 which is a new record high.
September saw house prices continue on an upward trajectory with house prices rising £2,200 – a rise of 1%.
The strongest house price gains were seen (in order) South Lanarkshire, the City of Edinburgh, Glasgow City, East Dunbartonshire and Highland. What’s more, prices went up in 19 of the 32 Local Authority areas in Scotland. Some of the highest house price sales were in Bearsden which saw the biggest rise in prices (only second to Inverclyde) at 5.2%. Property at the top end of the market appears to underpin the market growth that we’ve seen over the last 18 months.
As people sought more space to work and home school and mortgage rates were still historically low, combined with the biggest savings available at the top end of the market following the LBTT holiday, demand for larger homes was exceptionally high.
Typically, we see market momentum in September, as families reassess their requirements as the new school year gets underway.
There has, however, been a slowdown in the market as growth in August was 1.7% compared to the 1% we saw in September.
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