Scottish house prices inching higher

  • Prices edge up 0.1% in January and grow 1.5% annually
  • New peak in Angus as prices grow 2.4% over the month
  • Higher value properties and first time buyers drive transactions and prices
  • Six months on, no sign of a Brexit effect

In its latest House Price Index Your Move has announced that average prices in Scotland  increased only marginally in January, up £137, or 0.1%, to make the average home in Scotland worth £171,407. Over the last 12 months, however, average prices have risen by £2,600 - equivalent to annual growth of 1.5%.

Despite concerns over the Brexit vote, there’s been little impact on house prices since June, with fairly steady, but modest, increases. Annual growth is 0.5 percentage points higher than this time last year.

Exactly half of the 32 local authority areas saw prices rise in January, led by Inverclyde, up 5.3%. The only area to reach a new peak was Angus with good quality properties in Montrose and Hillside being particularly popular. 

In contrast to elsewhere in the UK, higher priced property continue to see the strongest growth in Scotland.

Christine Campbell, Your Move managing director in Scotland, said: “Relatively slow house price growth in Scotland is proving a blessing for first-time buyers. The early indications are that they’re using the opportunity to get on the ladder, helping to sustain transaction numbers.

“It will be interesting to see how talks of another Scottish referendum play out, and whether or not it has an impact on buyer and seller appetite to make a move now, or indeed, in the future.” 

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