Data from Your Move suggests the Scottish market is beginning to gradually pick up, with annual house price inflation rising from 3.5 per cent in August, to 5.1 per cent in September.
The average house in Scotland gained £3,400, or 1.9 per cent, in September, according to the estate agent’s data. It found Scotland’s performance is in stark contrast to England and Wales, where prices fell 0.1 per cent in September and annual growth languishes well under inflation at 1.1 per cent.
According to Your Move, the average Scottish house price is now £184,030, up more than £7,000 since the start of the year and from £175,070 in September 2017. The highest annual increase for the second month in a row was Inverclyde at 12.2 per cent.
Your Move reports that prices rose 6.6 per cent in Edinburgh in September with the average property now valued at £287,473, compared to £269,673 in August, bringing the annual increase to 9.6 per cent. This number has been boosted in part by a relatively high number of high value sales, with six sales of properties worth more than £2 million in August and September – compared to only four in Scotland in the whole of 2017.
House prices in Glasgow were up 3.3 per cent in September, with the average price at the end of September standing at £166,094 – a new peak for the city.
Your Move managing director in Scotland Christine Campbell says: “Whether it’s the Brexit deadline or not, there is relatively little stock coming onto market. Many potential sellers are deciding to sit tight and according to RICS, new instructions in Scotland are the lowest in the UK. This is unfortunately largely the reason behind creeping house prices, but it is also resulting in low transaction levels. On the properties that are being sold, these are at the very high end and largely focused in Edinburgh.”