Competitive pressures and a shortening supply has continued to push Scotland’s average house price up, according to the latest findings from Walker Fraser Steele’s October House Price Index.
The Index found that the average home now costs £224,593, with prices rising in 29 local authorities over the past year.
It was the area of East Ayrshire that saw the largest annual growth in 2022, with prices rising by a staggering 14.9%, while the average house price rose by £700, or 0.3%.
Scott Jack, regional development director at Walker Fraser Steele, said: “The housing market across the UK has endured a tumultuous time over the past couple of months and yet – notwithstanding the stresses it has been under – our data reveals that average house prices in Scotland in October rose by some £700, or by 0.3%.
“We think two things have influenced this figure.
“Firstly, the lack of supply of the right kind of properties, those with more space for working and living from home, persists which supports the average price in general. This continued demand has to a degree provided some protection from the more challenging economic turmoil in September.
“But there is another factor to consider. Current buyers who secured finance before the financial markets’ turbulence in September stayed the course to see through their purchases.
“Our sales data from the property purchases recorded by the Office for National Statistics uses the date that a purchaser takes ownership – so decisions to buy made in August and early September, for example, may be coming through in October.
“We can be confident that many buyers were keen to continue with a purchase agreed before September’s financial chaos, as they almost certainly had been offered favourable mortgage rates by lenders.
He continued: “These two elements in concert have supported demand for properties with the average house price in Scotland rising to £224,593, establishing a new record level.
“Over the twelve months to the end of October, prices have risen by some £14,100, or 6.7%.”
What’s more, results from the Index also revealed that record prices were reached in 10 high-value areas.
The results found that 2022 is also on course to see greatest number of recorded sales in excess of £750k.
