In the 12 months to November 2018, house prices in Scotland rose by 6%, with the average cost of a home hitting a new peak average of £186,142, according to data from Your Move index.
The report shows that the Scottish property market is outpacing England and Wales where average annual price growth has dropped to below 1%.
29 of the 32 local authority areas recorded in the index saw an increase in values over the last year.
As of November 2018, Edinburgh’s average house price sat at £295,665 (an annual increase of 16% or 3.3% in the month). Glasgow saw a modest rise of 6.7% year on year (a monthly increase of 0.1%) but reached a new peak average price of £165,245. The two cities account for nearly 60% of the increase in Scotland’s average house price.
The best-recorded increase was in Clackmannanshire (up 18.5%) and Na h-Eileanan Siar (up 24.4%). However, this was due to a few, but significant, sales, with the village of Rumbling Bridge, Kinross, receiving an £860,000 sale last November. Other areas which performed well were Argyll and Bute and Angus which saw an annual growth of 11.7% and 8.5% respectively, and the Orkney Islands (8.9%) and the Highlands (6.4%) – all setting new peak average house prices.
Your Move managing director in Scotland, Christine Campbell, suggested this was due to the affordability in Scotland remaining at a respectable level:
“The Scottish market continues to go from strength to strength and its performance in recent months has been highly positive. When we’re seeing a slowdown in house price growth south of the border, it’s encouraging to see that Scotland’s housing market continues to exceed expectations.”