Scottish residential property prices are continuing to rise, according to the most recent figures Your Move Scotland House Price Index.
The average price of a property in the country during May was £175,000, an increase of 3% on the previous year. This rise can be attributed to high demand and particularly tight supply.
Despite the rise, capital growth remains 4.3% below the average seen in England and Wales.
Steady
Christine Campbell, Your Move Managing Director in Scotland, observed: ‘After a surge in April, Scotland has returned to its long-term pattern of modest, but fairly steady price rises. That hides wildly different fortunes in its various areas, though, and price increases are heavily dependent on a few key areas.’[1]
As Campbell alluded to, the market has slowed in many regions of Scotland, with 17 of the 32 regions seeing prices increase during May.
House prices in Scotland continue to rise steadily
East Ayrshire saw the strongest annual performance, with prices rising by 13.2%. Glasgow however appears to be driving the market.
The average price of a property here stands at £151,622 – a rise of 10.9% year-on-year.
Alan Penman, Business Development Manager for Walker Fraser Steele, said: ‘The strength of the market in Scotland’s biggest city is supporting continued house price growth in Scotland, but there also remains a fundamental imbalance in supply and demand.’[1]
[1] https://www.propertyinvestortoday.co.uk/breaking-news/2017/7/scottish-house-prices-are-continuing-their-steady-growth