Annual house price inflation in Scotland averaged 9.1% in the 12 months to July, according to the latest Walker Fraser Steele Acadata House Price Index.

The latest rate of growth fell back from the 10.6% that Walker Fraser Steele reported in the 12 months to June, but was up from 8.4% in the year to May.

Scottish house prices also rose by 0.8% on a monthly basis, to take the average price of home in Scotland to a new record high of £224,035 – the thirteenth month running in which Scottish prices have climbed to a new record.

This latest average means prices in Scotland are now £18,620 higher than the same month in 2021.

“It is tempting to wonder how long this can continue but every time we pause for breath, prices rise again,” commented regional development director at Walker Fraser Steele, Scott Jack.

“This price is some £18,600 higher than that seen in July 2021, indicating that prices have risen by 9.1% on an annual basis. This annual rate has slowed from the 10.6% growth seen in June, but that month was assisted by a near £3,000 fall in prices which occurred 12 months earlier in June 2021, meaning that the base point for measuring June’s growth rate started from a particularly low level.

“There is evidence of a fall in transactions in this month’s data which a number of surveyors in Scotland believe is a regular feature of June and July’s housing market, coinciding as it does with the school holidays, and at a time when, emerging from the pandemic, people have been very keen to get away.

“Interestingly in terms of the type of property that is selling for higher prices, the “race for space” may be in abeyance as people return to the suburbs and semi-detached properties that suit hybrid working.”

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