Average house prices rise 6% year on year on Scotland
House prices in Scotland increased by 6% in the 12 months to November 2018 with values up across most of the country to a new peak average of £186,142, according to the latest index to be published.
The data from the Your Move index shows that the market in Scotland is outpacing England and Wales where average annual price growth has fallen to under 1%.
The rise in prices in Scotland is widespread, and average house prices in nine local authority areas hit new peaks in November.
In Edinburgh average prices increased by 16% to £295,665, some of the highest rises in the country while in Clackmannanshire prices increased by 18.5%. There was also strong annual growth in 11.7% in Argyll and Bute, a rise of 8.5% in Angus, an increase of 7.8% in West Lothian and a rise of 7% in Midlothian.
In Glasgow prices were up a more modest 6.7% year on year but they reached a new peak average of £165,245. While North Lanarkshire saw prices rise by 5.7% and there was an annual rise of 6.3% in North Ayrshire and 6.1% in Moray.
Overall, 29 of the 32 local authority areas covered by the index recorded an increase in values over the last 12 months and according to Christine Campbell, Your Move managing director in Scotland, much of this is due to the fact that affordability in Scotland remains good.
‘The Scottish market continues to go from strength to strength and its performance in recent months has been highly positive. When we’re seeing a slowdown in house price growth south of the border, it’s encouraging to see that Scotland’s housing market continues to exceed expectations,’ she said.
Alan Penman, business development manager for Walker Fraser Steele, one of Scotland’s oldest firms of chartered surveyors and part of the LSL group of companies, believes that strong fundamentals are helping the housing market.
‘It’s certainly true that the Scottish market seems to be defying gravity. Looking at its strong fundamentals, though, it’s not immediately clear what’s going to bring it back down to earth,’ he said.