House price growth in Scotland outperforming England and Wales

House prices in Scotland increased by an average of 0.5% in June to reach an average of £175,941, according to the latest Your Move Scotland House Price Index.

The latest price hike north of the border takes annual growth to 4.6%, from 2.9% a month earlier, which is well above the 3.3% rise recorded in England and Wales in June.

The latest property price rise is the fifth consecutive month of growth, against three months of declining prices to June in England and Wales, with widespread annual increases and almost half of all local authority areas seeing price rises over the month.

Continued growth in Scotland is driven by the strong performance of its two biggest cities in June, Edinburgh and Glasgow, which grew 2.9% and 2.8%, respectively. Both cities also show solid annual growth, of 4.6% and 10.6%.

Christine Campbell, Your Move managing director in Scotland, said: “With strong growth in both its biggest cities, Scotland’s market is on a strong footing with first-time buyers contributing to this increase in activity.”

Across Scotland, 15 of the 32 Local Authority areas saw prices rise in June.

Alan Penman, business development manager for Walker Fraser Steele, one of Scotland’s oldest firms of chartered surveyors and part of the LSL group of companies, commented: “It’s good to see growth at both the top of the market and in more affordable areas.

“There seems to be a particular hot spot around Glasgow – both the city itself and its neighbouring local authorities are all growing robustly.”

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Written by: Houseladder