- Average Scottish House Price stands at £177,161, £7,582 higher than a year ago
- Demand for Scottish property remains with lack of stock driving prices up
- Main price rises seen in Glasgow and along the Central Belt and among the Highlands and Islands
Average house prices in Scotland grew 4.5% in 2017, the fastest rate since May 2015 and faster than any other region in Britain. While prices in three British regions fell over the year, the average house in Scotland increased by £7,582 in value. The market continues to benefit from historically low interest rates, below average unemployment and – despite the increases in the last year – comparatively affordable property, with the average price now £177,161. Scotland’s affordability ratio – comparing median full-time earnings to median house prices – is the lowest of all British regions, at 4.7, against 7.8 for England.
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: “Glasgow has been the big success story in Scotland in the last year, and it is driving price growth in the country. We’re seeing impressive growth not just in the city itself, where prices remain below average for Scotland, but also in its more affluent suburbs, with some of the most expensive property in the country.”