House prices in Scotland are growing by 6.9 per cent a year, on the back of soaring property prices in the capital.
According to the Your Move Scotland House Price Index prices slowed modestly across the country in April. However, in Edinburgh property prices continued to power ahead, and have risen by 15.6 per cent over the past year.
This index shows that house prices in Scotland are growing at a far faster rate than those south of the border.
The average property now priced at £183,994 – an increase of £11,800 on the previous years.
This increase in sales is being driven by prime properties, worth more than £750,000 particularly in Edinburgh and the surrounding Midlothian area.
Prices in the Midlothian areas are up by 15.7 per cent over the past year to the end of April. Prices in West Lothian are up by 8.5 per cent.
This national growth rate is the third highest since April 2008 – with the exclusion of the period around the introduction of the Land and Building Transaction Tax in April 2015 – which caused a spike in property transaction ahead of this change.
Your Move managing director in Scotland Christine Campbell says: “The market in Scotland continues to power on and performance of Edinburgh is astounding.
“We should look at how we can help first time buyers, though to ensure they don’t increasingly find themselves locked out of the market as they have been elsewhere in the UK.”
‘Astounding’ house price growth in Edinburgh drive Scottish property market forward