Strong demand for semi-detached properties is driving house prices up in Scotland, according to the latest house price index from Walker Fraser Steele.
Scotland’s housing market witnessed a 0.7% rise in April, the largest increase since May last year, bringing the average house price to £221,267. This figure marks a £3,300, or 1.5% increase, compared to twelve months earlier.
Scotland’s real estate market continues to defy expectations amidst choppy economic waters. “The impact is that ten of the top eleven areas ranked by average house price saw prices rise, with six of these areas establishing new record average prices,” said Scott Jack, regional development director at Walker Fraser Steele.
Notably, semi-detached homes witnessed the most significant price hike in half of these top ten areas.
Despite the ongoing pressures from further potential interest rate rises and subsequent affordability challenges, Scotland’s housing market remains remarkably resilient.
East Renfrewshire continues to hold the position of the authority with the highest average prices, while Edinburgh is the only high-value area that saw a decrease in prices in April.
Jack emphasised that concerns about negative equity are misplaced given the strength of the labour market.
“People continue to buy and the lack of the right kind of housing means prices are being sustained by a lack of supply that has more impact on prices than the current affordability challenges,” he concluded.
