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House prices in Scotland continue to grow faster than the rest of the UK.

Friday 19 July 2019

The May house price index has again shown the average house price in Scotland has increased compared to the same month last year and has also increased each month since May 2016.

The average price of a property in Scotland is now £152,801 a 2.8% increase from May 2018 and 1.2% increase from last month’s figure of £150,825.

The UK average house price has increased 1.2% from May 2018 and 0.1% on the previous month and now stands at £229,431.

When comparing prices with the previous year, increases were recorded by 23 of the 32 local authorities. North Ayrshire and Stirling the best performing areas with 8.2% to £110,995 and 7.2% to £189,709 respectively.

First time buyers

First time buyers are still finding their way to the market with 2.3% more starting their climb up the property ladder than in 2018.

However, with the average price paid by a first-time buyer being £123,756 they will have to look further afield than the City of Edinburgh to live, where the average price is currently £268,091.

Daryl McIntosh NAEA Propertymark Strategic Development Manager for Scotland and Northern Ireland comments:

“It is great to see continuing buoyancy with the Scotland property market and the upward trend of the average property price. Evidence of the rise in prices encourages more vendors to the market and having more properties to choose from encourages more potential buyers.”

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