According to the latest figures from Chartered Surveyor Walker Fraser Steele, house price growth in Scotland has been the highest of all four UK nations. House prices have increased by 13.2% in the year to September – equating to an average rise of £25,000 taking the average house price to £212,832.
On a monthly basis, house price growth has slowed from 2.7% in July to 1.7% in August – in September it was 1% in a sign that we are returning to more normal pre-pandemic levels.
Prices went up for 19 out of 32 Local Authority areas of Scotland with the largest increase standing at an incredible 6.3% in Inverclyde. This was followed by East Dunbartonshire with an increase of 5.2%.
Property at the top-end of the property market appears to be underpinning house price growth in Scotland as we see a continued trend for home or home/office hybrid working pushing the requirement for more space.
There is usually a high level of activity in September as families look towards Christmas and the New Year and have settled into the new school year. This inevitably results in a boost to house prices, especially as demand is currently outweighing supply. Looking at the historical numbers – over the last 17 years, house prices have increased 13 times in September.
Another factor in the busy Scottish housing market is the number of people moving from London or other major cities to Scotland to take advantage of the increased quality of life and larger homes. However, properties at the top end of the market aren’t coming to the market fast enough and competition for this type of home is high which further pushes up prices.
Here in East Renfrewshire we have seen high competition for every home we sell – in particular the larger four and five bedroom homes. Buyers are missing out on several properties before they are successful – and with today’s buoyant market we would encourage you to take advantage of the number of registered buyers. Contact us for a property appraisal.