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21/10/2016

Two Thirds Of Scottish Councils Experience House Price Growth

New figures have revealed the majority of council areas across Scotland saw house prices increase during August.

The latest Your Move/Acadata Scottish House Price Index states two thirds of local authorities experienced growth for the second month in a row.

Overall, 21 out of 32 regions saw prices rise, led by Inverclyde (up 5.7%), Clackmannanshire (5%) and South Ayrshire and North Ayrshire (which both saw prices up 4.4%).

Glasgow also set a new peak price, with average prices rising 0.8% to £147,974. Average prices are now exactly £9,000 more (+6.5%) than during the same period last year.

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Latest ONS transactions figures have also increased, up 7% in May over April but down 17% on the same month last year. Your Move stated this is due to large numbers of property purchases brought forward to March ahead of April's introduction of an additional 3% Land and Buildings Transaction Tax (LBTT) surcharge on second homes.

Christine Campbell, Managing Director of Your Move in Scotland, said Glasgow's progress is a sign the Scottish housing market is proving "remarkably resilient".

"While tax changes have seen a slowdown in transactions of high priced property in Scotland, the market overall is demonstrating broad-based growth. So far this growth seems to be holding steady in an uncertain future post-Brexit."

(LM/MH)

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