Highest rise in Scottish house prices since 2010

Scottish housing surging faster than in North of England

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The Independent Online

Average house prices in Scotland have risen £6,435 in the last year, according to figures from LSL Property Services, making it the highest annual rise since October 2010.

Scottish house prices are now only 2.4 per cent below the April 2008 peak, compared to 8.1 per cent in the North of England, with a new record in Aberdeen where prices are up just over 17 per cent over the last 12 months. The average price of a property in Aberdeen is now £219,117.

For the second month running, the area with the highest annual increase in prices is Inverclyde, where prices have gone up by 19.6 per cent year-on-year. LSL estimate the average house price in Scotland is now £161,873, a 0.7 per cent rise over the last month and a 4.9 per cent rise compared to the same time in 2013.

The highest increase in sales has been in semi-detached homes, up 28 per cent, although not all areas of Scotland experienced a rise in sales or prices. In Midlothian, average house prices dropped nearly 11 per cent annually.

"For households all across Scotland, there is light at the end of the tunnel," said Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services. "The average price in Scotland is now only £3,900below its pre-recession peak. The recovery in Scotland has now taken a stronger grip than in the northern most regions of England. As the independence vote looms on the near horizon and the debates become more ferocious, it will be interesting to note if this has any impact on current trends.

"The Help to Buy scheme and buoyed demand from first-time buyers has been the catalyst spurring forward the Scottish market. Sustained growth is bedding down across the country and on an annual basis, average property prices have risen in two thirds of all areas of Scotland."