Scottish house prices hit a 19-month high as market stays ‘resilient’

October house prices in Scotland grew at their strongest rate since March 2015, increasing 1.5% on a monthly basis and 2.9% year-on-year to £172.561, according to Your Move.

The Your Move Scotland House Price Index found the Scottish market is growing faster than all nine English regions and Wales. Transactions have fallen 3.6% annually to 26,544 in the third quarter.

The agent says the market has been helped by a revival in prime property such as in Edinburgh which had had seen sales of £325,000+ priced properties in the first half of the year, down 17% on 2015.

In the third quarter, though, they were up almost 8% on the same period last year, and by 34% on the second quarter.

Overall, sales of properties in excess of £325,000 were up 35% in the third quarter against the second, while transactions of all properties over the period were up less than half that, rising 16%.

Cheaper areas have also seen decent gains, such as in West Dunbartonshire where prices are up 18.6% on a monthly basis to £130,304, increasing 12.1% annually.

Christine Campbell, Your Move managing director in Scotland, said: “Scotland is proving to be a resilient market. With the recovery of interest in prime property, we’re seeing areas of strong growth across all price points.”

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Written by: Houseladder