Scottish housing market climbs to new record in July

Average house prices in Scotland reached a new record level during July, the latest Walker Fraser Steele Acadata House Price Index (Scotland) has revealed.

The Scottish market saw prices jump by 2.9%, its largest monthly rise since March 2015.

Annual house price growth also accelerated to 11.0% in July, up from the 8.5% growth that Walker Fraser Steele reported for June.

The figures mean the average Scottish house price now sits at £207,877, an increase of more than £20,000 from July last year when prices were at £187,326.

Walker Fraser Steele business development manager, Alan Penman, commented: “The average house price in Scotland at the end of July stands at £207,877, a new record level, having risen by some £5,950, or 2.9%, in the month.

“This is the largest increase in a month since March 2015 – just prior to the introduction of the Land and Buildings Transaction Tax in Scotland the following month.

“The average house price has increased by some £20,550 – or 11.0% – over the last 12 months. This is 2.5% higher than the 8.5% recorded one month earlier. The annual rate had been slowing over the previous three months from a high in March 2021 of 11.4%. But it is the continuing strong performance of larger properties that is supporting the current growth.”

Penman also suggested that sales volumes, which now appear to be running at the levels seen in 2018, are indicating that larger properties are supporting higher average prices.

He added: “Lower transactions and strong prices at the top-end show that demand is exceeding supply with the focus of the market on higher value transactions supported by continuing record low interest rates.

“Combined with the previous tax savings associated with the LBTT holiday, these factors have encouraged the whole market to focus on larger properties and give cause to believe the exceptional performance of larger properties might continue for some months to come.”

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