Scotland’s housing market booms as West Lothian sets new price records

Scotland’s housing market booms as West Lothian sets new price records

0:01 AM, 26th September 2024, About 2 months ago

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House prices in Scotland are experiencing a boom, with West Lothian achieving record prices for the third time this year.

According to Walker Fraser Steele, average house prices in Scotland in July are 1.9% up from a year ago.

The average house price in Scotland is now £225,113.

Almost all of Scotland is outperforming England and Wales

Scott Jack, regional development director at Walker Fraser Steele, said: “For several months now, our data shows that average prices have been consistently 1-2% above their previous peak in September 2023.

“Almost all of Scotland is outperforming England and Wales. Scottish average house prices in July picked up by more than £400 (0.2%) compared with June, but have essentially held steady since the new peak reached in May. It is a testament to the resilience of the Scottish property market that prices have performed so well.

“Personal and property taxes are higher here in Scotland, but these do not appear to diminish the appetite of prospective buyers who sustain the increases. July looks set to have been the strongest month of the year so far for sales transactions.”

Market will remain in a good place

Eighteen local authorities saw rising house prices this month, with East Renfrewshire and West Lothian reaching new market highs. The average house price in West Lothian is now £251,088, while in East Renfrewshire, it stands at £350,737.

Mr Jack adds the future looks bright for the property market.

He said:  We can’t know what the future holds, of course but it seems likely that with interest rates expected to fall again in the coming months, and mortgage pricing with them, the market will remain in a good place.

“Interest rate cuts help with affordability and we can see that mortgage advances to first time buyers (who typically have smaller deposits and undergo greater affordability pressure) are rising.

“With a resilient jobs market and better than expected economic growth, prices in Scotland should remain strong over the coming year.”


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