Scotland house price growth reaches 4.7%

Ryan Bembridge

September 22, 2017

Annual house price growth in Scotland rose to 4.7% in July – up from just 2.9% in May, the Your Move/Acadata house price index has revealed.

This represented a rise from 4.4% in June, as unemployment is currently at a 42-year low north of the border.

Christine Campbell, managing director of Your Move in Scotland, said: “Values continue to grow strongly within Scotland and this is particularly evident in Edinburgh and Glasgow.

Price of property coming to market rises 1.1%

“This is fuelled, in part, by the ongoing strong demand for properties but also the lack of stock available.

“Many potential sellers want to make a move but, unable to find a property to move to, are taking a ‘wait and see’ approach and this, in turn, is creating a gridlock which is affecting the movement of properties across most price bands.”

House prices in Scotland currently average at £175,877, an increase of £7,829 from last year.

Prices rose by 7.3% in Glasgow and 7.1% in Edinburgh.

Alan Penman, business development manager for surveyors Walker Fraser Steele, said: “Glasgow’s been the driving force in the market for a number of months now, but it’s encouraging to see the capital growing almost as strongly.

“Even after a year’s solid growth, Scottish property overall still looks affordable relative to the rest of the Britain, and that should give us confidence for the coming months.”

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