House Price Index //

Ever faster: House prices now growing 7.7% annually in Scotland

Scottish house price increases leave England, Wales and Northern Ireland standing. Affordability still the main driver of growth. Edinburgh powers growth with 14.5% average annual increase.
  • Scottish house price increases leave England, Wales and Northern Ireland standing
  • Affordability still the main driver of growth
  • Edinburgh powers growth with 14.5% average annual increase
  • 26 of 32 local authorities see prices rise on annual basis monthly increase

Scottish annual house price growth has accelerated again, increasing by 7.7% in March. That compares to just 1.0% in England and Wales as a whole for the same
month. Wales, bolstered by high value sales as buyers rush to beat the new Land Transaction Tax in April, also still trails well behind, with annual growth of 4.8%. Moreover, while prices fell between February and March in England and Wales, they continued growing in Scotland, up 1.2%. That puts the average price at £184,850, up more than £13,000 in the last 12 months from £171,614 last March.

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 should welcome the growth we’re seeing in property prices in Scotland because it reflects a strong economy. We shouldn’t be blind to the fact that price increases reflect not just strong demand, but also a pronounced lack of supply in housing, however.”

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