0:03 AM, 28th October 2024, About A year ago
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The Scottish housing market has continued to defy economic headwinds, with average house prices increasing by £13,001 in the past year, according to a leading property firm.
DJ Alexander, Scotland’s largest lettings and estate agency, analysed the latest statistics and found that prices rose from £186,970 to £199,971 between September 2023 and August.
This growth outpaced the national average of £8,508 for England and Wales during the same period.
The firm’s chief executive, David Alexander, said: “The Scottish housing market continues to be remarkably resilient.
“An increase of £13,001 equates to a 6.9% rise over the year at a time when interest rates were high and there were concerns over the performance of the economy.
“The average price of a Scottish home will soon be above £200,000 for the first time ever and shows a market which remains resilient and growing.”
He added: “The biggest increases have all occurred around our two main cities in the central belt where demand seems to be far outstripping supply.
“People are still drawn to live and work in or near Edinburgh or Glasgow with all of the work, leisure, and entertainment benefits they offer.”
While prices rose across Scotland, some areas experienced more significant increases than others.
East Renfrewshire saw the largest jump, with prices rising by £27,270.
West Lothian, Edinburgh, Midlothian and the Borders also recorded substantial increases.
However, not all areas experienced price growth.
Argyll and Bute saw a slight decline of £1,747, while Dumfries and Galloway, Fife, East Dunbartonshire and Aberdeen recorded more modest increases.
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