House price growth in Scotland up by 0.6% in May

scotlandAverage house prices in Scotland increased by 0.6% in May 2017. According to the Your Move report, Price growth is slightly slower than in England and Wales where it was 4.3% in May. The market in Scotland is being driven by demand from first time buyers and weak supply and the average price is being driven by activity in Glasgow which accounted for 60% of the price increases in May and saw prices rise 10.9% annually to a new peak average price of £151,622.

Christine Campbell, Your Move managing director in Scotland: “After a surge in April, Scotland has returned to its long term pattern of modest, but fairly steady price rises, but this hides wildly different regional values and activity.”

Alan Penman, Business development manager for chartered surveyors Walker Fraser Steele: “There also remains a fundamental imbalance in supply and demand. The demand from first time buyers is encouraging; we need to make sure we have the property to meet it.”

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