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Scottish house prices surge

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The average property in Scotland is worth 2.6% more than a year ago, according to new research by Your Move.

The estate agent chain said prices in Scotland rose by 2.6% between May and June, meaning the average property is worth £4,300 more.

The total number of sales reached 9,265 in the month, the highest number recorded since July 2014. Strong sales figures in Glasgow helped boost this total, where activity was 18% higher than a year ago.

Compared to June 2014, house prices in Scotland have risen by 1.2%. Both Glasgow and Edinburgh saw the number of flats sold increase, these two cities now account for 45% of all Scottish flat sales.

Christine Campbell, Your Move managing director in Scotland, said: “The Scottish housing market has been buffeted around by the changing tide of taxation, but is now back in smoother waters.

“Average property prices surged 2.6% in June, lifting them safely to £169,227 – level with last December – after bobbing around on many ebbs and flows over the last few months.”

She added: “Affordability is the biggest steer to Scottish housing market at the moment. At £200,000, the average price of a flat in Edinburgh is more than one and half times as much as the cost of the typical flat in Glasgow (which stands at £120,000).

“As a result, Glasgow has experienced the strongest jump in house purchases overall, with Q2 sales up 18% on 2014, while Edinburgh sales have seen just a 2% upswing over the same period.

“Low interest rates, competitive mortgage deals, and higher average earnings have caused a swell of confidence and buyer demand – particularly in cheaper areas – but a drought of supply will keep the floodgates open to stronger price surges, and along with a future base rate rise, this could wash away options for aspiring buyers.”

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