Annual Scottish house price growth hits 9.3%

The average house price in Scotland has grown by 9.3% over the last 12 months, according to the latest Walker Fraser Steele Acadata House Price Index (Scotland).

Scottish house prices climbed by 0.2% last November to take the average house price in Scotland to £213,109.

The pace of annual change slowed from 11.5% in October although Walker Fraser Steele ’s data still showed that 31 of 32 local authorities in Scotland continued to see rising average prices over year to November.

According to analysis by Walker Fraser Steele business development manager, Alan Penman, the “race for space” has continued to support demand for properties that offer the room to live and work in a pandemic environment, while working from home has also changed where people want to live and the type of property they want to own.

“The subsequent increase in top-end sales last year has been a result of home movers seeking out properties better suited to their updated needs,” commented Penman. “Additional support was provided through the tax savings from the Land and Buildings Transaction Tax holiday that was available up to the end of March 2021.

“This encouraged the whole market to be more adventurous. Even now, competition among purchasers, a lack of suitable stock, and the continued very low interest rates supporting affordable mortgage debt means that there is currently plenty of good headwind to sustain prices.

“So while rates of growth in house prices may be stabilising in Scotland, the housing market in November still saw an increase in the average house price of £484, which is 0.2% higher than in October.

“Sales volumes from May to November 2021 look roughly on a par with, or slightly ahead of, previous years, perhaps suggesting that the market has now returned to its pre-pandemic transaction levels, but in summary it is fair to say Scottish house prices have enjoyed another strong year often outperforming the UK average.”

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