The Scottish housing market is defying the slowdown in Britain, recording the highest annual property price growth across the UK.
Annual growth in Scotland stood at 4.8 per cent in comparison to 2.1 per cent across England and Wales, according to the latest House Price Index from Your Move. Prices grew for the seventh consecutive month in August, rising strongly at 0.5 per cent. Scotland is currently outpacing every other region in Britain, with the East of England the only area to come close to achieving similar growth, at 4.5 per cent. In contrast, prices in London are down by a sizeable 0.7 per cent.
On a monthly basis, there is variability across Scotland’s local authority areas. Half of the 32 local authorities in Scotland saw growth in August, with the Scottish Borders leading at 5 per cent, pushing prices to £187,879. In contrast, prices in Angus were down 4.7 per cent. The Shetland Islands were down 5.1 per cent, but low transaction volumes leads to heavy monthly variation.
Annually, growth was far more consistent, with just four areas seeing a fall in process. Iverclyde saw a decline of 2.7 per cent, down from a strong 2016 which came from the sales of new built detached homes. In contrast, prices are up 8.8 per cent in Edinburgh, Scotland’s most expensive location.
Your Move managing director in Scotland, Christine Campbell, commented on the Scottish Housing Market: ‘Housing in Scotland continues to shake off the uncertainty we’re seeing elsewhere in the UK economy. Here, low interest rates, high employment and prices that are still affordable are supporting continued robust growth.’
Business development manager for Walker Fraser Steele, one of Scotland’s oldest firms of chartered surveyors and part of the LSL group of companies, Alan Penman, said: ‘Scotland’s housing market is now leading Britain and that simply reflects very strong fundamentals. It’s always dangerous to speak too soon but the market currently looks in good shape.’