Scottish house prices rise by £5,368 in a year

Scottish house prices rise by £5,368 in a year

0:05 AM, 11th September 2024, About 2 months ago

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The Scottish housing market is showing resilience with average house prices rising by £5,368 over the past year, research reveals.

This represents a 2.9% increase, according to analysis by DJ Alexander Ltd.

Scotland’s largest lettings and estate agency has used data from the monthly house price index to find that average house prices in Scotland increased from £187,122 to £192,488 between July 2023 and June.

In contrast, average house prices in England and Wales rose by only £4,707 during the same period.

Sales volumes in Scotland are static

The agency’s chief executive, David Alexander, said: “The Scottish housing market continues to be remarkably resilient.

“Other data shows that sales volumes in Scotland between May 2023 and April 2024 are almost static starting at 7,671 and ending the year with a fall of just 25 to reach 7,646.

“Whereas in England and Wales sales volumes have plummeted dropping 22,120 from 45,476 to 23,356.”

Substantial variations in price rises

While there were substantial variations in price rises across Scotland, Midlothian recorded the highest increase of £17,724.

Edinburgh saw prices rise by £14,315, followed by Stirling (£13,927), West Lothian (£11,276), and North Lanarkshire (£10,506).

However, four areas experienced falls in value – Perth and Kinross saw the largest drop, with average prices decreasing by £4,334.

Argyll and Bute, Aberdeen, and Dumfries and Galloway also recorded price drops.

High demand resulting in rising prices

Mr Alexander said: “Our major cities and their surrounding areas continue to be popular with high demand resulting in rising prices.

“People are still drawn to live and work in or near our Edinburgh, Glasgow and the central belt in general.

“The price fallers are once again in rural areas such as Argyll and Bute, Dumfries and Galloway and Perth and Kinross with Aberdeen the notable exception due to its high backlog of properties for sale.”

He adds: “Despite the naysayers and the doom mongers, the Scottish market continues to be strong and outperform the rest of the UK.”


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