Scotland house prices are up, growth led by Glasgow

Scotland house prices

According to the latest index figures, average Scotland house prices have increased by 0.6% in May this year to the sum of £175,070 and are going up by approximately 3% every year.

Price growth, is, however, a little slower than it is in England and Wales where there was a 4.3% rise in May, according to a Your Move report.

The housing market in Scotland is being pushed forward by a real estate demand with first-time buyers driving the main activity. Equally, weak supply and the average price is being moved forward by the activity in Glasgow, which accounts for 60% of the price rise in May. Prices went up by 10.9% annually to a profound peak average of £151,622.

There has been a minimal month on month slowdown across the country of Scotland but in all, 17 out of 32 local authority areas are seeing price increases in their real estate markets which are significant property news. This compares with 21 local authority areas witnessing a price rise in March.

Of all the different locations, East Lothian saw the highest increased increase in the month of 5.4%, which was aided by the sale of the second most expensive property in Scotland. Glitches like this can really support a housing market, especially when it occurs at the right time when facts and figures are dependent on housing activity. East Ayrshire showed the strongest annual performance, with a percentage of 13.2.

Aberdeenshire has been hit by falls in oil prices which have evidently affected their market, but it is on the mend. Prices have gone up by an average of £20,000 (from £260,000 to £280,000) and Edinburgh, saw their prices decrease by 0.3% month on month.

A place that saw some of the biggest drops in property prices was in the Borders, where it was down by 5.2% and prices there are now 1.7% below the same time last year.

After a genuine flow in April, Scotland has now gone back to its long-term pattern of steady price rises. There is also a fundamental imbalance in supply and demand which affect the rate Scotland house prices, however, the demand from first-time buyers remains encouraging.

Written by Gemma Smith

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