The housing market in Scotland appears to be recovering, with property prices rising by 1.9% over the last year.
This is strongest growth for 12 months, with house prices rising faster than in England or Wales.
The Walker Fraser Steele House Price index, which gives a more comprehensive look at house price movements north of the border, said the average property in Scotland was worth £223,525 in March — up 1.4% on February. This follows five months of decline.
This average price is around £300 less than its high price from June 2023.
Looking at the regional breakdown, Walker Fraser said this data showed property prices rose in most local authorities, with sales closely matching those the year before.
Walker Fraser said four authorities, Midlothian, Argyll and Bute, Falkirk, and Inverclyde, achieved new heights in terms of their regional average values. A total of 21 local authorities reporting rising prices, the highest since May of last year.
Walker Fraser Steele regional development director Scott Jack, says this was “another clear and welcome sign that the market is beginning to stabilise”.
He adds: “Of particular note is the 1.5% increase for Midlothian which made it the fifth local authority with average property prices above £300,000.”
He says: “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.”
