Scotland’s housing market rebounds with price rises

Scotland’s housing market rebounds with price rises

0:07 AM, 15th May 2024, About A week ago

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House prices in Scotland have bounced back to record their strongest growth in over a year, one index reveals.

The data from chartered surveyors Walker Fraser Steele found that after a five-month decline, prices rose 1.4% in March.

That beat expectations and was higher than the price trends seen in England and Wales.

The average Scottish house price is now £223,525, just £300 shy of its peak in June 2023.

Property prices in Scotland increased by 1.4%

The firm’s regional development director, Scott Jack, said: “In March, average property prices in Scotland increased by 1.4%, or almost £3,000, following a five-month decline.

“This was a far stronger performance than that witnessed in the English and Welsh markets.”

He added: “This significant turnaround speaks volumes about the negligible movement we have seen in recent months.

“It’s too early to assume the cost-of-living pressures are abating but mortgage pricing has been keen over the last couple of months as lenders fight for borrowers.

“With a general election due this year, we know housing is a key issue for voters and we may yet see some further promises made to buyers and owners before a vote later this year.

“That would give further impetus to this positive trajectory.”

Surge in prices across 21 local authorities

The index highlights that March saw a surge in prices across 21 local authorities, the highest number since May 2023.

This widespread increase points to a stabilising market with four regions – Midlothian, Argyll and Bute, Falkirk, and Inverclyde – reaching new price highs.

Scotland’s five most expensive local authorities also reported price increases in March to underpin the region’s strong performance.

Most notable is Midlothian’s 1.5% rise which helped propel it into the exclusive group with average property prices exceeding £300,000.

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