Houses prices in Scotland have risen for the fifth month in succession with June boasting an increase of 0.5%, with annual growth rising from 2.9% to 4.6% compared to May, according to latest index figures.
The increase means that the average house price in Scotland is now £175,941 – an overall increase of £7,779 for 2017.
Scotland’s capital is still the most expensive place to live, with house prices averaging at £256,737. Stirling is second at £201,582, with Aberdeen coming in third at £201,130. Property in Glasgow has an average of £154,666 which is likely to grow due to the increase popularity around the city itself and neighbouring Local Authorities. Dundee is Scotland’s least expensive in terms of property value, with an average price of £133,664.
Overall, 15 out of Scotland’s 32 Local Authorities saw prices increase in June.
June also saw a growth of 8% in conveyancing transactions with the increase likely to be due to the ever increasing demand from first time buyers as well as the strong property markets in Edinburgh and Glasgow. The Council for Mortgage Lenders reported that the largest number of loans taken out in 2017 so far have been for first time buyers purchasing flats.
Despite the recent growth, average house prices in Scotland have only seen an increase of 0.6% in the last 10 years since the beginning of the global financial crisis. This figure is substantially lower than that of the UK average growth of 4.9% which can be attributed to increases south of the border.
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