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Scottish house price rise outpaces rest of UK

Average house prices in Scotland have increased by close to £25,000 (13.2 per cent) over the last 12 months – the highest rate of all four UK nations.

The latest monthly house price index for Scotland from Walker Fraser Steele, Chartered Surveyors also shows:

  • 30 of the 32 local authority areas continue to see prices rise over the year
  • Monthly growth rates are softening
  • The top five local authority areas by value all set new record average price levels

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Alan Penman, business development manager at Walker Fraser Steele, said: “At the end of August we reported that the average Scottish house price stood at £211,029 – at that point a new record high. This September we have seen the upward momentum continue. Scotland’s average house price at the end of September stands at £212,832, which sets yet another record, having risen by some £2,200 – or one per cent – in the month.

“Five local authority areas in September were responsible for 58 per cent of the positive movement in Scotland’s average house price. The five areas concerned, in order of influence, were South Lanarkshire, the City of Edinburgh, Glasgow City, East Dunbartonshire and Highland.

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“More generally prices rose in 19 of the 32 Local Authority areas in Scotland. The largest increase in average prices, of 6.3 per cent, was in Inverclyde. In second place on the mainland was East Dunbartonshire, with an increase in prices of 5.2 per cent. There were plenty of high-value sales in East Dunbartonshire, with a number of detached sales taking place in Bearsden – located approximately six miles to the North West of Glasgow – the most expensive being on the Roman Road, priced at £1.3 million.

“This underlines how property at the top-end continues to underpin this growth as people opt for more space and continue to embrace working from home. September often provides momentum to the market too as it is not untypical for families to reassess their needs as the new school year gets underway.”

Source: Scottish Legal

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Scottish house prices continue to climb

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.

Read about the UK Housing Market via our Specialist Residential & Buy to Let Division

“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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