Scottish house price growth soars to 7.3%

Annual price growth in Scotland accelerated to 7.3% in February – almost double the next fastest region in Britain and six times the rate for England and Wales as a whole, according to the latest Your Move data.

Related topics:  Finance News
Rozi Jones
20th April 2018
Scotland Houses
"Scotland continues to enjoy unexpectedly strong housing growth – with prices rising at their fastest rate in a decade. "

On a monthly basis, prices in Scotland rose 2.3% compared to just 0.1% across England and Wales. Monthly house price growth in Scotland is running at its fastest since 2004, barring the month before the introduction of the LBTT in 2015, while annual house price growth is at its fastest since April 2008.

Some of the growth is down to the low transaction numbers typically seen in February, coupled with a relatively small number of high value sales in Edinburgh, pushing monthly price growth to 7.3% in the city, which accounted for over half the monthly increase in Scotland.

Nevertheless, the market remains strong with 28 of 32 local authorities see prices rise on annual basis and almost a third of local authorities in Scotland setting a new peak price in February.

Of the 28 areas which have seen prices rise over the year, more than half a dozen saw double-digit growth, including the City of Edinburgh (11.4%) and East Renfrewshire at 15.1% – the highest growth in Scotland with prices increasing £35,740 in the year.

Christine Campbell, Your Move Managing Director in Scotland, said: “Scotland continues to enjoy unexpectedly strong housing growth – with prices rising at their fastest rate in a decade. Both high priced property and the major cities are fuelling a mini housing boom.”

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