Mortgages 

Scottish housing market bucks UK trend

Scottish housing market bucks UK trend

Average house prices in Scotland have hit their highest ever level, despite the struggles facing the property market in England and Wales.

According to data from Your Move, the average house price in Scotland is now £184,569 - up 1 per cent month-on-month and 5.5 per cent year-on-year.

This is the highest average ever, above the March 2015 peak set by the spike in prices immediately ahead of the introduction of the Land and Buildings Transaction Tax.

Meanwhile, UK-wide house price growth has fallen to its lowest level in more than five years amid concerns about a no-deal Brexit and further interest rate increases.

Christine Campbell, Your Move managing director in Scotland, said: "Setting a new peak average price at a time when many parts of the UK are struggling to maintain prices is a significant show of strength from the Scottish market. Scotland continues to defy the pessimists."

Your Move's analysis said there were not particular circumstances which explained this rise, and attributed it instead to a gradual increase over the past three years.

The increase has also been broad-based, with Edinburgh reporting an increase of 10 per cent over the past year and Glasgow seeing prices go up by 9 per cent.

Meanwhile areas such as Angus saw prices go up by 11 per cent while Na h-Eileanan Siar saw house price rises of 12 per cent.

Alan Penman, business development manager for Walker Fraser Steele, one of Scotland’s oldest firms of chartered surveyors, said: "Despite any uncertainty surrounding Brexit, the Scottish market could hardly hope for a better position from which to face whatever challenges the next few months bring."

damian.fantato@ft.com

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