The average cost of a property in Scotland increased by £22,500 last year, the highest annual growth rate since records began 17 years ago, according to newly published data.
The average selling price homes rose by almost 15% – £800-a-week – in the year to July, almost double the UK rate and more than the average wage.
Figures collected by the UK House Price Index show that the average price of a property in Scotland in July 2021 was £177,166, compared with £151,300 the previous year. Prices rose by 2% between June and July of this year.
The UK average house price was £255,535, up 8% on July 2020 but down 3.7% on the previous month.
Edinburgh, which continues to boast Scotland’s most valuable properties at an average cost of £309,227, saw a rise of 8.4%, compared with 14.3% in Glasgow.
Each of Scotland’s 32 council areas experienced saw average prices rise, including Aberdeen and Aberdeenshire which have both previously seen a fall in property prices due to the depressed oil and gas industries.
The biggest price hike was in Inverclyde, where average property prices rose by 29%, from £92,393 to £119,168.
The largest increase across Scotland was for semi-detached properties, up by 16.3% to £187,181.
Meanwhile, Scotland is also the fastest selling market in the UK for million-pound homes, overtaking London, according to another set of newly published statistics.
High end homes worth £1million or more – most of which were in Edinburgh – typically found a buyer within 61 days, compared with 85 in the UK capital, research by a leading property portal shows. The time for such properties being sold is 25 days quicker than before the pandemic.
Researchers looked at the year before the Covid outbreak and compared sales figures with those in the past year since the end of the first lockdown.
They found that homes were snapped up quicker in Scotland – and particularly in Edinburgh – faster than the typical hotspots of London, the south-east, the east of England and the East Midlands.
The Scottish £1million market has weathered the pandemic more than anywhere else. Similar to the wider housing market in Edinburgh, demand has been moving well ahead of supply, leading to price rises and fast-moving sales.
The market is particularly buoyant in the east of the country, the research shows, with Edinburgh accounting significantly more than half of all Scottish £1million sales.
Other areas are which have seen high £1million sales, include the wider Lothians market, with sales outside Edinburgh notably higher in the east compared with recent years.
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