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Scotland in property ‘gridlock’ as house prices up 4.7%

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  • 22/09/2017
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Scotland in property ‘gridlock’ as house prices up 4.7%
House prices in Scotland rose again in July continuing a six-month long series of month-on-month increases – but only just.

Prices rose by just 0.1% compared to June, with a year-on-year increase of 4.7%, according to Your Move.

This gives Scotland the second highest regional growth in Great Britain (behind the East of England), with the average house price in Scotland in July at £175,877, up £7,829 in value in the last year.

 

City living

Big cities continued to perform strongly; Edinburgh saw price growth of 1.4% in July and became the most expensive area of the country with typical houses costing £257,676.

Meanwhile Glasgow prices also continued to rise with a 0.9% monthly growth taking it to its third consecutive record value, with the average house worth £155,086, up 7.3% on the year.

However, there were variations across the country.

For example, Midlothian and the Shetland Islands both saw steep monthly falls (down 3.9% and 6.4% respectively) but overall saw increases over the year (7.2% and 1.7% respectively).

 

Property gridlock

Your Move managing director in Scotland Christine Campbell said values were continuing to grow strongly within Scotland and this was particularly evident in Edinburgh and Glasgow.

“This is fuelled, in part, by the ongoing strong demand for properties but also the lack of stock available,” she said.

“Many potential sellers want to make a move but, unable to find a property to move to, are taking a wait and see approach and this, in turn, is creating a gridlock which is affecting the movement of properties across most price bands.”

Walker Fraser Steele business development manager Alan Penman added: “Glasgow’s been the driving force in the market for a number of months now, but it’s encouraging to see the capital growing almost as strongly.

“Even after a year’s solid growth, Scottish property overall still looks affordable relative to the rest of the Britain, and that should give us confidence for the coming months.”

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