Scotland’s Housing Market Sees Strongest Growth in 12 Months
As the UK’s housing market continues to navigate uncertain times, Scotland has emerged as a beacon of hope. According to the latest data, Scotland’s housing market has seen its strongest growth in 12 months, with property prices rising by 1.9% over the last year.
Image: A picturesque Scottish town
This upward trend is a welcome respite from the decline seen in previous months. The average property price in Scotland now stands at £223,525, a 1.4% increase from February. While this is still £300 less than its peak in June 2023, the signs are encouraging.
Regional Breakdown
A closer look at the regional breakdown reveals that property prices rose in most local authorities, with sales closely matching those of the previous year. In fact, four authorities - Midlothian, Argyll and Bute, Falkirk, and Inverclyde - achieved new heights in terms of their regional average values. A total of 21 local authorities reported rising prices, the highest since May last year.
Image: A scenic view of the Scottish countryside
Scott Jack, regional development director at Walker Fraser Steele, notes that this is “another clear and welcome sign that the market is beginning to stabilise.” He adds that the 1.5% increase in Midlothian is particularly noteworthy, making it the fifth local authority with average property prices above £300,000.
What’s Driving the Growth?
So, what’s behind this growth? According to Jack, mortgage pricing has been keen over the last couple of months, with lenders fighting for borrowers. With a general election due this year, housing is likely to be a key issue for voters, and we may yet see some further promises made to buyers and owners before the vote.
Image: A row of Scottish houses
As the market continues to stabilise, it’s clear that Scotland is leading the way. Whether you’re a buyer, seller, or simply a homeowner, this news is sure to bring a sense of relief and optimism.
