Latest Scotland HPI spotlights positivity, outperforming England and Wales
Scotland is outperforming England and Wales, but not all regions experienced growth – the positive news is largely concentrated around the central belt. East Dunbartonshire saw a significant annual increase of 6.9%, reaching new highs. Other areas like Glasgow City and South Lanarkshire also reported notable annual gains (up 6.2% and 7.3% respectively).
Conversely, East Renfrewshire experienced a slight monthly decline (1.5%) but remains the most expensive area, while East Lothian and Midlothian are in annual decline, with East Lothian lagging 11.1% behind the average price of this time last year.
Despite the distinct regional variations, the overall picture is positive for the Scottish housing market. It’s worth noting that the increased LBTT Additional Dwelling Supplement came into force on 5th December, and the market will take time to absorb that.
Scott Jack, regional development director at Walker Fraser Steele, commented: “Transaction analysis indicates higher sales in December and January compared to the previous year, suggesting a robust market. The Scottish government’s focus on affordable housing and falling mortgage rates are expected to boost first-time buyer numbers, further strengthening demand and potentially driving prices up.
“Overall, the market remains healthy, showing promising growth even amidst regional disparities.”
For more information, visit: https://www.esurv.co.uk/category/insight/house-price-index-scotland/