House Price Index //

Scottish property market powers ahead of the rest of the UK

Transactions in Scotland at their highest since 2008. Average home up £6,000 on last year as prices increase by 3.5%. Glasgow drives annual growth.
  • Transactions in Scotland at their highest since 2008
  • Average home up £6,000 on last year as prices increase by 3.5%
  • Glasgow drives annual growth
  • Just five local authority areas see prices fall over the year

After a slight dip in the previous month, prices returned to growth in November in Scotland, rising 0.3% and raising average annual growth in the country to 3.5%, from the 3.3% recorded in October. That compares with just 0.9% in the same month for England and Wales. Only the South West of England at 5.3%, the North West at 3.9% and Wales at 3.6%, are growing more strongly.

The increase means the average home in Scotland at the end of November was worth £175,882, up £6,016 on a year before. Transaction levels are also strong. Sales in the eight months to the end of August were up 5.4% on the same period in 2016 at 66,786 – the highest number in close to a decade.

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: “The level of transactions in Scotland is even more notable than the consistently rising prices. If this is maintained, we can look to 2018 with considerable confidence.”

Download the Scottish House Price Index (November 2017) here.

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