Scottish house price surge in April

Scottish house prices surged in April after seeing a stall in March, the Your Move House Price Index reveals.

Prices increased by 1.9% – the strongest growth since 2007 – with average house prices now standing at £175,087.

Annual house price growth grew from 2.2% in March to 3.6% in April which now outpaces the rate for England and Wales as a whole.

The Glaswegian market experienced the strongest annual growth of any significant market in Scotland over the last year thanks to it being a popular location for first-time buyers.

The results from the index come as a recent Council of Mortgage Lender’s analysis of Scotland’s market showed the number of first time buyers rose by over a fifth in Q1 2017.

Christine Campbell, Your Move managing director in Scotland, said: “Our figures highlight that whilst average house prices continue to rise it is first time buyers who are driving the market as they continue to take advantage of ongoing low interest rates and relatively low deposit requirements.”

Alan Penman, business development manager for Glasgow-based chartered surveyor Walker Fraser Steele, added: “Whilst it is encouraging to see the demand from first time buyers we need to address the fundamental weakness in supply of housing stock in Scotland, as elsewhere in the country.

“The elections in June should bring new housing policies and initiatives which we hope will bolster Scotland’s market.

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