The Scottish housing market grew by 1.2% in January this year, the highest rate of monthly growth since August.
According to the latest Walker Fraser Steele Acadata House Price Index (Scotland), the average house price in Scotland climbed by 7.6% in the 12 months to the end of January, a figure that equates to a rise of £15,200.
The latest index confirmed that this is an £800 increase over the revised £14,400 growth in prices witnessed to the end of December last year.
These figures now take the average Scottish house price to a new record of £215,388.
Walker Fraser Steele regional development director, Scott Jack, said that January’s data heralds a “reverse to the slide” in the annual rate which had started over the previous three months.
“While the growth rate here in Scotland trails that of Wales by 1.4%, it is still higher than the average 7.3% in England and Wales overall,” Jack commented. “The Scottish market is continuing to perform well.
“What we are seeing in this return to growth is that people are still living, moving, buying and selling in the aftermath of the pandemic and the ‘lifestyle’ changes it brought about. Working from home has encouraged many homebuyers to move to larger premises which can accommodate a different way of living and working. Many have been in search of more outdoor space too – the so-called ‘race for space’.
“The issue here is that while there is a high demand for such homes, the supply is limited, so there continues to be strong competition for the properties that do come onto the market, with robust price increases as a result.”
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