Scottish house prices show strongest growth in a year

March saw the strongest house price growth in Scotland for a year, with the average property price increasing by 1.4%, which is almost £3,000, after a five-month decline, according to the latest house price data from Walker Fraser Steele.

This rise contrasts sharply with the performance in the English and Welsh markets. The average house price in Scotland now stands at £223,525, up 1.9% annually and just £300 below the high from June 2023.

Scott Jack, regional development director at Walker Fraser Steele, provided insights on the recent trends: “In March, average property prices in Scotland increased by 1.4%, or almost £3,000, following a five-month decline.

“This was a far stronger performance than that witnessed in the English and Welsh markets. Scotland’s average house price is currently just over £223,500, which is about £300 less than its high price from June 2023.

“This significant turnaround speaks volumes about the negligible movement we have seen in recent months.”

He further highlighted the local authorities where house prices have soared: “Four authorities—Midlothian, Argyll and Bute, Falkirk, and Inverclyde—achieved new heights in terms of their regional average values and the total number of local authorities reporting rising prices was twenty-one, the highest since May of last year – another clear and welcome sign that the market is beginning to stabilise.”

Jack also noted the broader economic context: “It’s too early to assume the cost of living pressures are abating but mortgage pricing has been keen over the last couple of months as lenders fight for borrowers.

“With a general election due this year, we know housing is a key issue for voters and we may yet see some further promises made to buyers and owners before a vote later this year. That would give further impetus to this positive trajectory.”