Annual house price growth in Scotland registered a small jump in April, rising to 1.5% from 1.4%, and putting a halt to four consecutive months of falls.
According to the latest Walker Fraser Steele Acadata House Price Index (Scotland), this rise came as the monthly change in Scottish house prices increased by 0.7% on the March average.
This increase, worth £1,600, was the largest rise in the average Scottish house price since May last year.
Walker Fraser Steele, which is the trading name of e.surv Chartered Surveyors in Scotland, confirmed that the latest change has left the average price of a house in Scotland standing at £221,267 in the year to April.
Regional development director at Walker Fraser Steele, Scott Jack, said that Scotland’s housing market “continues to surprise”, with strong demand for higher value homes leading average prices to rise.
“The impact, with the exception of Edinburgh, is that 10 of the top 11 areas ranked by average house price saw prices rise, with six of these areas establishing new record average prices,” Jack said. “Nearly all property types have performed well but, of particular note, is the fact that in half of these ten areas, it is semi-detached homes that have seen the largest rise in values.
“Of course, the choppy waters facing the UK housing market more generally mean Scotland also must brace for further interest rate rises and consequent pressures on affordability. However, given these pressures, the market on this evidence remains remarkably resilient.
“What our analysis does show is that concerns about negative equity, while the labour market remains stretched, are misplaced. People continue to buy and the lack of the right kind of housing means prices are being sustained by a lack of supply that has more impact on prices than the current affordability challenges.”
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