Average Scottish house prices continued to rise in August, reaching £211,029, according to Walker Fraser Steele.
This followed a 1.8% month-on-month rise and a 12.1% increase in the year to August 2021.
All 32 local authority areas saw prices rise over the year, and transaction levels in August were at a seven-year high.
On a regional basis, Na h-Eileanan Siar saw the only yearly decline, falling by 8.1%, while Shetland Islands saw greatest monthly decline, also down by 6.7%.
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Meanwhile, Scottish Borders saw the largest annual rise, up by 28.4% and Stirling noted the greatest month-on-month increase, up by 5.9%.
Alan Penman, business development manager at Walker Fraser Steele, said: “At the end of July, the average Scottish house price stood at £207,344 but by the end of August this figure was £211,029 – reaching a new record high, with a rise of £3,685, or just under 2% in the month.
“The race for space continues to support the prices of larger properties.
“The scarcity of this type of stock coupled with the continued high demand means prices remain strong.
“Property at the top-end has performed well throughout 2021 and there is no sign of any imminent let-up.
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“We noted last month that the exceptional performance of larger properties was likely to continue and this month we have more evidence to support that view.
“People’s preference for more space and working from home has meant buyers have often sought properties that can accommodate new lifestyles.
“But we should remember that borrowers’ ability to afford these properties has in no small way been a result of the Land and Buildings Transaction Tax holiday earlier in the year, and the continued record low interest rates.
“In terms of the geographical performance of the Scottish regions, the area with the highest annual increase in average house prices in August was the Scottish Borders, where average prices have risen by 28.4%, which again reflects the fact that the mix of homes that have been sold in this area has trended towards the more expensive end of the market.”
By Jake Carter
Source: Mortgage Introducer
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