Scotland house price growth reaches 4.7%

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Annual house price growth in Scotland rose to 4.7% in July – up from just 2.9% in May, the Your Move/Acadata house price index has revealed.

This represented a rise from 4.4% in June, as unemployment is currently at a 42-year low north of the border.

Christine Campbell, managing director of Your Move in Scotland, said: “Values continue to grow strongly within Scotland and this is particularly evident in Edinburgh and Glasgow.

“This is fuelled, in part, by the ongoing strong demand for properties but also the lack of stock available.

“Many potential sellers want to make a move but, unable to find a property to move to, are taking a ‘wait and see’ approach and this, in turn, is creating a gridlock which is affecting the movement of properties across most price bands.”

House prices in Scotland currently average at £175,877, an increase of £7,829 from last year.

Prices rose by 7.3% in Glasgow and 7.1% in Edinburgh.

Alan Penman, business development manager for surveyors Walker Fraser Steele, said: “Glasgow’s been the driving force in the market for a number of months now, but it’s encouraging to see the capital growing almost as strongly.

“Even after a year’s solid growth, Scottish property overall still looks affordable relative to the rest of the Britain, and that should give us confidence for the coming months.”

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Written by: Houseladder