- Prices up 1.4% in February and growing 3.3% annually
- New peaks in five areas, and growth across the country
- First time buyers drive activity and prices, while top-priced sales slow
- Tight supply helping to push up prices
House prices in Scotland grew strongly in February according to Your Move’s latest Scottish House Price Index - rising by £2,340 to reach an average price of £173,862.
This is driven by strong performance in Scotland’s two biggest cities, Edinburgh and Glasgow, which both saw prices rise by 8.4% annually due to the lack of housing supply which is partly caused by the increased investment from overseas buyers. Prices are also up by 12.2% annually in Stirling, one of five areas to reach a new peak in February, along with Angus (up 7.2% annually), the Shetland Islands (9.4%), South Lanarkshire (8.2%) and Na h-Eileanan Siar (17.4%).
First time buyers also continue to drive demand, with prices for flats growth of 5.1% annually.
Christine Campbell, Your Move managing director in Scotland, said: “First time buyers are continuing to drive the market in Scotland, but the window of opportunity opened by interest rate cuts last year may be narrowing. Tight supply coupled with their demand is pushing up prices across the country.”
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