Average house prices in Scotland have risen again for the third consecutive month, with the average price standing at £224,249 in June 2023, a monthly increase of 0.4%.
Prices have also risen by 1.6% annually, with a recorded increase of 22.5% compared to average prices in March 2020, which stood at £183,000.
The report, compiled by Walker Fraser Steele Chartered Surveyors, found that higher value areas in Edinburgh and Glasgow were in strong demand, with East Lothian continuing to be the local authority with the highest average prices, currently standing at £348,716.
However, the report found that just four cities in Scotland accounted for 80% of the change in the average house price in June, when calculated in a weight-adjusted basis.
These cities are Glasgow, which accounts for 31% of the change, Edinburgh, which accounts for 29%, Fife and Aberdeen, which account for 13% and 7% respectively.
Furthermore, five local authorities saw a record average house price in June 2023, with Fife bring the local authority with the largest record average house price. Other local authorities include Glasgow City, Falkirk, Renfrewshire and North Lanarkshire.
Regional development director at Walker Fraser Steele, Scott Jack, said: “The Scottish housing market has seen another increase in average prices for the third month in succession. The average house price has risen in June by £800, or 0.4%, and the average house price in Scotland now stands at £224,249, which is £3,466, or 1.6%, higher than twelve months earlier.
“In June, 15 of the 32 local authority areas in Scotland, nine fewer than in May, experienced rising prices in the month. In Edinburgh, all properties saw an increase in prices over the month, with the largest increase being in flats, up from an average £275k in May to £280k in June.
“It is worth noting that the property market started with the lowest volume of January sales of the last nine years, at 5,865 transactions, although this has now increased at the end of June to on average 7,000 sales per month, however this still remains the lowest monthly level since 2013.
“Affordability has become the key issue in mortgage lending and is impacting potential buyers. Inflation continues to register at a high level across the UK, and coupled with the increased interest rates, it makes the resilience of the Scottish housing market so far this year all the more remarkable.”
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