Your Move has reported that annual house price growth in Scotland in May stood at 5.8%, more than triple the rate in England and Wales and well above even the fastest growing region of the North West, where prices are up 3.7%.
The average home value in Scotland stood at £183,626 in May.
After a first quarter in which house prices grew almost 3.5%, including 1.7% in February alone, prices slowed in April and fell 0.2% in May – the first monthly drop since last July yet they remain up £6,681 this year and have risen more than £10,000 since last May.
Edinburgh (pictured) is still recording annual price growth of 10.6% (with the average now £277,401).
At the top of the market, East Renfrewshire and East Dunbartonshire, are also up 8.8% and 8.6%, respectively.
Prices in Midlothian, meanwhile, have increased 10.7%, and it was one of 10 local authorities – almost a third of the market – to set a new peak average price in May.
At the bottom of the market, meanwhile, West Dunbartonshire and Na h-Eileanan Siar, the cheapest two areas in the country, have seen prices rise 12.2% and 14.3% respectively – the biggest increases outside the Shetland Islands, which also set a new peak price during the month (along with the Orkneys). Prices there are up 18.5% annually, but are swayed by a very small number of transactions. The highest annual increase in prices on the mainland, meanwhile, is in Dumfries and Galloway, with prices up 12.3%.
Overall, 20 of Scotland’s 32 areas saw prices increase during May, and 29 – more than nine out of 10 – have seen prices rise in the last 12 months.
Christine Campbell, Your Move managing director in Scotland, said: “After a very strong start to the year the market seems to be pausing for breath yet with continued price increases it appears there is still strength in the market.”
Alan Penman, business development manager for Walker Fraser Steele, one of Scotland’s oldest firms of chartered surveyors and part of the LSL Property Services plc group of companies, said: “Whilst house price growth in Edinburgh has slowed, it is clear that, with a 10.6% increase over the year, it has great influence on the overall figures.”