Scottish house prices hit double digit annual growth

The average house price in Scotland has risen by 11.2% over the last year, according to the latest Walker Fraser Steele Acadata House Price Index (Scotland).

This rate of growth means Scottish house prices have climbed by £20,800 in the last 12 months.

Prices also grew on a monthly basis by 1.2% in March, to take the average Scottish house price to £207,083.

Data from Walker Fraser Steele’s index showed that the number of transactions in the first quarter of 2021 was 19% higher than the first of quarter of last year, while all 32 local authority areas have seen prices rise over the last 12 months.

“The Scottish housing market is showing that even in a pandemic it can turn in the kind of performance that makes other asset groups pale in comparison,” commented Walker Fraser Steele business development manager, Alan Penman.

“Scotland’s annual rate of house price growth has reached double digits for the first time since December 2007 and, in March 2021, all 32 of the local authority areas in Scotland have seen an increase in prices over the last 12 months.”

Penman highlighted that the Scottish residential market has “thrived” during the coronavirus pandemic, and the outlook has been a brighter one for prices since the beginning of the year.

“Low interest rates and pent-up demand have helped demand but the growth we see here is in some part due to the speed of the vaccination programme and the relaxing of social distancing measures on both sides of the border,” he added. “The market has benefitted too from government support for jobs.

“It’s important to remember though that while 11.2% might ordinarily be considered extremely high, by comparison to the other regions in Great Britain, Scotland would be ranked eighth in terms of growth which says a lot about the general strength of demand across the entire UK.”

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