House prices in Scotland increased by almost 11% in the past year with Edinburgh remaining the country’s hotspot for the most valuable properties.
Latest figures published by the Registers of Scotland show that property inflation was almost double that south of the border over the past 12 months with house prices approaching the UK national average.
Pent-up demand after successive lockdowns helped to fuel the highest price inflation for almost a decade and a half.
The number of transactions in the first three months of the year was up by nearly half on the start of last year.
The average house price north of the border is now £166,566 – £15,000 up on the same time last year and a rise of £300-a-week.
The Capital is still the most expensive place to buy a home with average house prices reaching £285,867.
Across Scotland, the largest increase in prices was for terraced homes, up by 13.3% in the year to March 2021 to an average of £142,374. Flats recorded the lowest hike, at 7.6 per cent to £116,357.
The Registers of Scotland said Covid may have prompted buyers to review their housing priorities, with the average price of detached homes rising faster than flats.
This may reflect buyers seeking more space and a garden, with less need to be near the office if they intend to continue working from home.
House prices in Scotland increased by 10.6% over the year to March 2021, compared with a rise of 10.2 % in England, 11% in Wales and 6% in Northern Ireland.
Every council area north of the border showed an increase, except for Aberdeen where average prices fell by 0.6% to £140,357.
Average house prices in England are now at a record level of £275,000, according to the ONS.
Northern Ireland remains the cheapest UK country to purchase a property in, with an average house price of £149,000.
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