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Scotland's average house prices rise 6%

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.”

Contact our Property Law Solicitors, Glasgow

If you need specialist legal guidance about buying or selling your home in Glasgow, get in touch with a member of our conveyancing team today via the online enquiry form. 

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