Annual house price growth in Scotland has seen a slight increase to 6.7% in the year to November, the latest Walker Fraser Steele Acadata House Price Index (Scotland) has indicated.
This is the second rise in annual growth in as many months according to the Scottish index, following figures of 6.4% in September and 6.5% in the year to October.
It leaves the annual Scottish house price currently standing at £224,644, an increase of £40,800 since March 2020, which reflects a comparative growth for the period of 22%.
Regional development director at Walker Fraser Steele, Scott Jack, said that while this data may appear “at odds” with other published indices issued by lenders, it is important to highlight that the higher rate of growth for the period includes all property transactions.
“This is particularly crucial in Scotland as a third of these transactions are made in cash,” Jack commented. “It is also important because it means this third is not as constrained by the cost of mortgage finance.
“Our data is also drawn from the latest available provided by Registers of Scotland so it uses actual completion prices for November, which may have been agreed earlier in the year, as opposed to pre-completion valuations or estimates.
“Scotland is not alone in seeing tentative price growth increases, but our analysis makes a clear point of the value of looking beyond mortgage borrowing for a real understanding of what is going on.
“On a monthly basis, November’s average price grew by £400 or 0.2%, which though slight in the scheme of things, still means the average house price is at a record high for a ninth time in 2022.”
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