- Scotland defies UK slowdown with 5.6% annual growth in house prices
- Yet lack of supply coupled with strong demand is factor behind increasing house prices across the country
- Only three local authorities see prices decline over 12 months
- Glasgow hits new peak for fourth time this year
The Scottish market continued to power away in September with a monthly growth of 1.4% which has helped boost annual performance in the country to 5.6%. This is significantly more than any other region in the UK (with the North West closest at 4.6%), and more than triple the growth rate of England and Wales as a whole: 1.7% in
September.
The average house in Scotland is now worth £177,960, up £9,383 on a year ago. The increase means prices in the country are growing at their fastest rate in almost three years, excluding the spike ahead of the introduction of the LBTT in April 2015.
Alan Penman, business development manager for Walker Fraser Steele, one of Scotland’s oldest firms of chartered surveyors and part of the LSL group of companies, said: “We’re seeing strength right across Scotland at the moment, but crucially, it’s supported by the big cities. While London is a significant dampener on price growth in England and Wales, Edinburgh and Glasgow continue to show solid performance with above average growth.”
Download the Scottish House Price Index (September 2017) here.