According to the Walker Fraser Steele March House Price Index, Scotland saw its highest average house price growth for a year in March. House prices had previously fallen for five consecutive months, before rising by 1.4% in March. This is an average of a £3,000 rise, which compares favourable to house price growth in England and Wales.
Summary of Report
The main headlines of the report are as follows:
- Strongest Scottish house price growth for a year at 1.4%
- Average Scottish house price now £223,525, an increase of 1.4% on February, and
1.9% annually - 21 local authorities reporting an increase in house prices.
- Sales closely matching year-earlier levels
- Average property prices in Midlothian above £300,000, the fifth local authority to achieve this feat
Comments from Regional Development Director
Scott Jack, Regional Development Director at Walker Fraser Steele, commented the following in regards to the report’s findings
“In March, average property prices in Scotland increased by 1.4%, or almost £3,000, following a five month decline. This was a far stronger performance than that witnessed in the English and Welsh markets. Scotland’s average house price is currently just over £223,500, which is about £300 less than its high price from June 2023.
“It’s too early to assume the cost of living pressures are abating but mortgage pricing has been keen over the last couple of months as lenders fight for borrowers. With a general election due this year, we know housing is a key issue for voters and we may yet see some further promises made to buyers and owners before a vote later this year. That would give further impetus to this positive trajectory.”
Time to Sell?
Spring tends to be a favourable time for buyers to look at properties, as the weather gets warmer and days longer. It’s also a good time before people tend to go on holidays and schools finish for summer. With housing prices seeing its strongest rise of the year, it may be a good time to put your property on the market if you are considering selling. Before selling a property, it is recommended to fix any ongoing property issues that may result in the property’s value decreasing. Some common property issues include:
- Structural defects
- Damp or rot issues
- Broken appliances
- Cosmetic flaws
If your property requires remedial damp proofing, or treatments for wood rot or woodworm, visit the Wise Property Care website for more information on professional damp surveys and solutions.
References:
Scottish house prices have strongest growth for a year, outpacing England & Wales
