Covid drives house price rise across Scotland

House prices across Scotland have risen significantly in the past year, the latest national figures have revealed.

House prices have risen by six per cent across Scotland in the past year, with the biggest increases in the South Ayrshire region and for larger homes outside city centres
House prices have risen by six per cent across Scotland in the past year, with the biggest increases in the South Ayrshire region and for larger homes outside city centres

Overall, prices have shot up by six per cent across the country, with the average property now coming in at £163,248.

The biggest increases have been seen in South Ayrshire, where the average cost of a home jumped by 11 per cent to £152,000.

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Prices in Shetland rocketed by even more, at 14.2 per cent, but this is not seen as representative due to the low number of properties going on the market there.

Only six Scottish regions have seen prices fall, with Aberdeen city enduring one of the biggest decreases at 5.1 per cent.

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The drop was higher in Orkney, where prices fell by 5.6 per cent, while the Western Isles saw a 3.5 per cent decrease - but again, the small volume of sales in these areas makes it harder to identify an accurate picture.

The Scottish capital was the most expensive place to buy a property in October this year, with the average property costing £280,966.

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In contrast, the cheapest homes were in Inverclyde, where the average price was less than half of that at £103,391.

The coronavirus pandemic has been blamed for influencing the latest sales trends, with more people working from home and seeking outdoor space.

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The virtual closure of the property market during lockdown, combined with fewer properties coming to market and tax cuts on property purchases, have also been factors driving demand.

This resulted in larger properties outside of city centres experiencing the sharpest price rises - up by 7.1 per cent since October 2019.

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Flats and maisonettes saw the smallest growth, climbing by just 4.6 per cent over the same period.

The overall quantity of properties sold on the Scottish market dropped by a third, similar to the UK-wide figure.

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The figures come from the latest quarterly UK House Price Index Scotland, covering sales up to the end of October.

Accountable officer Janet Egdell said: “Scottish house prices continue to trend upwards in October. This is the largest annual increase in Scottish house prices since February 2018.”

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