Solid growth for Scottish house prices continues

Solid growth for Scottish house prices continues

Your Move and Acadata have reported that Scottish house prices continued to grow in July, and for the sixth consecutive month.

The monthly figure edged up just 0.1%, and the annual figure, following a jump in June, climbed further to reach 4.7%.

That gives Scotland almost the highest regional growth in the Great Britain, second only to the East of England. The rise in Scottish prices persisted in spite of political uncertainty; This was the first full month of figures following the shock election result in June, which resulted in a hung Parliament.

It means the average house price in Scotland is now £175,877, up £7,829 in value in the last year.

Christine Campbell, Your Move managing director in Scotland, said: “Values continue to grow strongly within Scotland and this is particularly evident in Edinburgh and Glasgow.

“This is fuelled, in part, by the ongoing strong demand for properties but also the lack of stock available. Many potential sellers want to make a move but, unable to find a property to move to, are taking a ‘wait and see’ approach and this, in turn, is creating a gridlock which is affecting the movement of properties across most price bands.”

Alan Penman, business development manager for chartered surveyors Walker Fraser Steele, added: “Glasgow’s been the driving force in the market for a number of months now, but it’s encouraging to see the capital growing almost as strongly. Even after a year’s solid growth, Scottish property overall still looks affordable relative to the rest of the Britain, and that should give us confidence for the coming months.”