Scottish house prices rise for eighth consecutive month, longest growth run in 4 years
- Average prices up £6,250 or 4% during the year, 2.4% higher than rate of inflation
- Sales up 24% in past 3 months compared to 2013, driven by first-time buyer demand
- New peak price reached in East Renfrewshire, after 15%
Commentary on the Index:
Gordon Fowlis, Regional Managing Director of Your Move, which is part of LSL, comments: “April marks the eighth successive month that house prices have risen in Scotland, the longest run of monthly gains witnessed for four years. Average house prices have climbed £6,250 (or 4.0%) annually as the recovery builds in strength. This is more than just numbers on a page – the new stability is translating into a tangible ‘feel-good’ factor for millions of homeowners, buoying consumer confidence and anticipation of future price gains. In April, annual house price growth was 2.4% higher than the annual CPIH inflation rate, representing rising home value in real terms. One thing that could potentially upset the apple cart is the independence vote, having passed the 100-day milestone, kick-starting the countdown. While the Yes and No campaigns debate which outcome will leave households financially better off, many are already feeling the purse strings loosen.
“First-time buyers remain a crucial lynchpin in the Scottish housing market recovery; driving activity from the bottom up. Last month’s announcement of further investment in the Help to Buy scheme will allow thousands more to climb onto the housing ladder and keep the foot on the pedal. House building and revived supply are providing additional impetus for growth. In East Renfrewshire a wave of luxury housing developments has helped fuel an annual price rise of 15.1%, reaching a new record of £236,463 – catapulting this to the top spot as the most expensive area to buy in Scotland.”