The average Scottish house price is up more than £4,000 so far this year according to the April house price index from Walker Fraser Steele.
The average Scottish house price now stands at £224,977, up 1.1% on March, and up 2.9% annually.
Walker Fraser Steel regional development director Scott Jack commented: “House prices in most of Scotland have risen sharply in recent months, rising by more than £2,000 in March and again in April. The average house price in Scotland is currently just under £225,000, which is both a record high and a significant increase from the peak it reached in September 2023. This stands in contrast to Wales’s and England’s markets.”
He went on to point out that 19 local authorities reported growing prices during the month, easily outnumbering those reporting decreases (12). No less than eight local authorities saw prices hit new market highs, despite the net positive balance being slightly lower than in March.
Jack said: “All housing markets are driven by sentiment and Scotland appears to have turned the corner in terms of both prices and transactions, according to our data. This upswing in confidence is a result of growing salaries, falling inflation, and the anticipation that interest rates will start to come down later this year.
He added: “Consumer sentiment is therefore more buoyant but so is that of mortgage lenders who have been able to lend at higher LTVs, which has improved the situation for first-time buyers and other borrowers facing affordability stretches. The Scottish housing market is poised for success in the remaining months of 2024.”
