In the year to June, house prices soared 13.2% which is the highest annual growth since 2004 according to the latest House Price Index from the Office for National Statistics (ONS).
In June, the average property price was 4.5% higher than May as buyers were keen to push through their property purchase.
In Scotland, house prices were up by 12% to £174,000 which is a sharp increase in house prices. Regionally, only London was lagging behind.
June 2020 was significantly affected by the closure of the housing market, with things opening back up at the end of that month, making the figures appear more volatile. The true underlying annual rate of house price growth is believed to be around 8% to 10% which is still very high compared to the rate of inflation. By the end of the year, we may see the annual rate of growth to fall back to this range.
Looking ahead to the first quarter of next year, predictions are for a continuation of a strong housing market and rising house prices as demand and momentum shows no signs of slowing.
Here in East Renfrewshire, house prices are continuing to rise as the demand for good quality family homes with three or more bedrooms, close to the high achieving schools we have in the area are in high demand. We have many disappointed buyers looking to move to the area or move up the property ladder so your home could well be worth more than you think.
Contact us at Nicol Estate Agents and will will talk to you about the market in general and how the market in your area is performing.