House Price Index //

Scotland weathers the change as property cools

Price growth of 3.9% more than double of England and Wales. Monthly prices down, but 27 of 32 authorities show annual growth. Edinburgh and Glasgow support market, accounting for a third of Scotland’s increase.
  • House price growth of 3.9% more than double of England and Wales
  • Monthly house prices down, but 27 of 32 authorities show annual growth
  • Edinburgh and Glasgow support property market, accounting for a third of Scotland’s increase on a weight-adjusted basis

Scotland continues to lead price growth in the UK, with an annual increase of 3.9% in the year to July. That compares with just 2.9% in the West Midlands, which leads growth in England (excluding Greater London). Scotland’s growth is more than double the 1.8% annual growth for England and Wales as a whole.

Nevertheless, the country is not proving entirely immune from the slowdown that has hit the market. On a monthly basis, house prices in Scotland fell for a third consecutive month in July, dropping 0.4%. That still leaves the annual growth rate only slightly below the 4.0% it stood at a year ago, however, and the average price of a house in Scotland at £181,075, up £6,879 annually.

Alan Penman, business development manager for Walker Fraser Steele, one of Scotland’s oldest firms of chartered surveyors and part of the LSL Group, said: “We’re seeing annual growth in the big cities in Scotland, and as long as that continues, it provides a solid foundation for the market here to weather more difficult times.”

Download the Scottish House Price Index (July 2018) here.